Agricultural Bank of Egypt Partners with Sharqia to Modernize Public Transport Fleet Through Flexible Vehicle Loans
The Agricultural Bank of Egypt has entered into a strategic partnership with Sharqia Governorate to upgrade public transportation services by financing the replacement of aging passenger vehicles with new minibuses.
The initiative provides vehicle owners and drivers with financing options requiring an initial payment of 25% of the vehicle’s price, while the outstanding balance can be paid over a period of up to 84 months.
The agreement is intended to phase out deteriorated minibuses and unsafe pickup trucks used to transport passengers across the governorate’s villages and urban centers.
Partnership Seeks to Upgrade Sharqia’s Transport Network
The cooperation protocol was signed by Abdel Ghaffar El-Deeb, Secretary-General of Sharqia Governorate, and Serag Abdel Fattah, Head of Business Development and Sales at the Agricultural Bank of Egypt.
The ceremony was attended by Sharqia Governor Hazem El-Ashmouny and Ibrahim Etey, the bank’s Executive Branches Advisor.
The partnership aims to strengthen cooperation between banking institutions and local government authorities, supporting development projects and improving public services throughout the governorate.
Flexible Loans Support Vehicle Owners and Drivers
According to Serag Abdel Fattah, the bank’s financing program is designed to provide accessible solutions for owners seeking to renew their vehicles and transition to safer transportation alternatives.
He noted that the initiative supports the bank’s broader social and developmental role by helping drivers acquire modern minibuses through simplified financing procedures.
The program is also expected to contribute to improving drivers’ income opportunities while supporting government efforts to eliminate the use of unsafe vehicles in passenger transportation.
Financing Terms Include 25% Upfront Payment
Beneficiaries will be required to cover 25% of the purchase price of a new minibus, with the remaining amount payable in installments over a maximum period of 84 months.
The repayment structure is intended to make vehicle replacement more affordable and reduce the upfront financial pressure on drivers and vehicle owners.
The bank is also focusing on improving customer service through faster processing, streamlined procedures and a wider range of financing and banking products.
Dedicated Teams to Accelerate Loan Approvals
To facilitate access to the program, the Agricultural Bank of Egypt will assign sales representatives to work alongside the governorate’s relevant departments.
These representatives will receive applications from vehicle owners interested in replacing their existing vehicles and coordinate the financing process, with the aim of completing approval procedures on the same day.
This mechanism is expected to simplify participation and accelerate the modernization of public transportation services across Sharqia.
A Nationwide Banking Network Supporting Development
The Agricultural Bank of Egypt was established in 1930 and operates as a state-owned joint-stock company.
The institution specializes in supporting agricultural and rural economic activities through financing solutions and production-related services, contributing to economic development and food security.
The bank operates through a network of more than 1,100 branches across Egypt, alongside an extensive storage infrastructure that supports its nationwide operations.
