National Bank of Egypt Signs Cooperation Protocol with Agrofood to Finance Farmers and Agricultural SMEs
The National Bank of Egypt (NBE) has signed a cooperation protocol with Agrofood, a company specializing in cotton trading and seed production, to support farmers and small and medium-sized agricultural enterprises.
Under the agreement, the two parties will collaborate through a contract farming program designed to provide both financial and technical support. The initiative aims to improve crop quality, enhance competitiveness in local and global markets, and expand the cultivation of strategic crops such as fruits and vegetables to strengthen food security and boost Egyptian exports.
Agrofood’s Technical Expertise
Farmers are set to benefit from Agrofood’s technical know-how, including comprehensive training on modern farming, irrigation, and harvesting methods. This is expected to increase productivity, lower operating costs, and enhance the overall quality of agricultural output.
Commitment to Agricultural Development
Dr. Emad Farag, Head of the SME Division at NBE, emphasized that the protocol reflects the bank’s commitment to strengthening Egypt’s agricultural sector. “Agriculture is a cornerstone of economic development and food security. Through this partnership, NBE will provide the financing and resources needed to help farmers improve their yields and align with Egypt’s export growth strategy,” he said.
For his part, Saad Mohamed Sadaawy, Managing Director of Agrofood, noted that the collaboration provides a major boost to farmers’ capabilities. “We will supply high-quality seeds along with technical and logistical support. The combination of financing and technical expertise gives Egyptian farmers a stronger opportunity to expand local production and increase export capacity,” he explained.
Tailored Financial Solutions
Adding to this, Tamer Badr, Deputy General Manager for Program Design and Local Partnerships at NBE, highlighted that the bank offers specialized financial solutions for contract farming. These include short- and medium-term loans to cover various agricultural needs such as seeds, fertilizers, pesticides, machinery, and irrigation costs. He added that the loans feature flexible interest rates and repayment schedules linked to the harvest season, helping ease farmers’ financial burdens.
The agreement underscores NBE’s broader role in enabling sustainable agricultural development and supporting the growth of Egypt’s export-oriented economy.