CAIRO: In a move to support poultry farms in Egypt, the poultry wealth branch of the chamber of commerce is negotiating with four banks to provide 6.6 billion EGP for the Upper Egypt region, head of the division told the Al Mal business daily.
The National Bank of Egypt, Banque Misr, the United Bank and the Principle Bank For Development and Agriculture Credit are negotiating to fund the poultry farm projects, said division head Abdel Aziz Al Said.
Said told Al Mal that the division will submit the draft of the project to the new president, after the elections on May 26 and 27. The project will include establishing 6,250 farms for producing poultry and another 750 farms for incubation.
The projects are expected to value 14 billion EGP annually and earn 7.1 billion EGP net profit annually, he said. The projects are also expected to produce about 2.9 billion eggs annually, most of it for exporting, he said.
Said said poultry should be a top government concern, as it provides low cost protein for the poor in comparison to beef prices. He told Vetogate that the next president and his Cabinet should create a long-term plan for developing the sector, including vaccines for poultry and 3,000 acres of land to produce feed.
Egypt’s total investment in the poultry sector totals 25 billion EGP, with more than 2 million people earning a living in poultry, said Mohammed Al Shafie, a member of the agricultural committee for poultry wealth in the Egyptian Businessmen’s Association.