CAIRO: One billion EGP ($127 million) was ratified to be granted in loans for the farmers and fresh graduates who will participate in the presidential project aimed at expanding Egyptian farmland by 1.5 million feddans, according to the Principle Bank of Development and Agricultural Credit (PBDAC).
“In Implementation of President Abdel Fatah al-Sisi’s directions, one billion Egyptian pounds were ratified in loans for the graduates and small farmers in 1.5 million feddans… they (loans) will be granted with 5 percent of annual interest rate,” said PBDAC chairperson Atia Salem.
On Jan. 9, President Sisi announced at Cairo Opera House that he has directed the Central Bank of Egypt (CBE) to carry out a project to enhancing small and medium-sized enterprises (SMEs) for the youth, noting that the project will represent 20 percent of the bank’s borrowed money over the coming four years with an interest rate of 5 percent.
In December, the government announced the project to reclaim and cultivate a total of 1.5 million feddans nationwide, mostly in desert areas. The government has allocated 20 percent of the project’s lands to the youth.