The Agricultural Bank of Egypt (ABE) and the Faiyum Sugar Works Company have signed a cooperation protocol to finance sugar beet farmers in Fayoum governorate.
The deal is part of the Bank’s efforts to achieve agricultural and rural development in all governorates. The bank aims to provide the necessary financing for agricultural production, support small-scale farmers, and contribute to supporting and financing strategic food industries to maximize their contribution to food security.
“The cooperation protocol signed by the bank with the Faiyum Sugar Works Company comes within the framework of the bank’s endeavor to expand the financing of contract agriculture, with the aim of supporting small-scale farmers and improving their standard of living, as well as helping them face the high costs of production and crop service. The positive results will be seen in increased productivity,” said Alaa Farouk, the ABE Chairperson.
Tripartite cooperation
The protocol represents a tripartite cooperation between the Bank, the company, and beet farmers within the Bank’s endeavor to expand the financing of contract farming, which will be reflected in increasing crop productivity and increasing the incomes of small-scale farmers.
Ahmed Al-Ansari, Governor of Fayoum said the cooperation between the governorate and the Bank includes many areas, especially with regard to the development of the agricultural sector in the governorate in general, and encouraging farmers to switch to modern irrigation systems.
He noted that the governorate is keen on benefitting from its capabilities in the agricultural, livestock and other sectors in cooperation with the Bank, to achieve development and generate real job opportunities for young people.
Salah Fathy, the Chairperson of Faiyum Sugar Works Company, said that the aim of signing this protocol is to encourage farmers to expand beet cultivation and increase the productivity, in addition to enhancing the capabilities of the Company within its objectives to modernize the factory’s equipment to double its productivity, especially that most of the company’s production is consumed locally and covers a large share of the needs of the Ministry of Supply.
 and the Faiyum Sugar Works Company have signed a cooperation protocol to finance sugar beet farmers in Fayoum governorate.){kind=link}