ABE, Misr el Kheir sign cooperation protocol to support livestock farming

CAIRO - 21 November 2018: Chairman of the Agricultural Bank of Egypt (ABE) El Sayyed el Quseir and Misr el Kheir Foundation Trustees Council Chairman Ali Gomaa signed a cooperation protocol to finance and operate livestock farms to contribute to narrowing the gap between cost prices and selling prices of meat at the Egyptian market.

The signing ceremony was attended by heads of ABE various sectors and top officials of Misr el Kheir and El Kheir Land Company.

The protocol aims at boosting joint cooperation in the field of livestock farming through a national project to raise cattle so as to generate profits and create job opportunities with the aim of pushing forward development process in Egypt.

In statements following the ceremony, ABE chief said the volume of the bank's dealing with El Kheir Land Company reached EGP 310 million which benefit 740 farmers who raise around 14,740 head of cattle.

He also said the protocol aims at providing funding services to owners of farms, young farmers as well as individuals who raise cattle to contribute to the livestock development.

He also said ABE funnelled EGP 500 million to contribute to the national project of "Reviving Veal Raising" that will support as many as 4,850 farmers so as to rear 37,750 head of cattle and achieve a balance in the meat prices at the Egyptian market.

Meanwhile, the head of the Council of Trustees of Misr El Kheir voiced happiness over clinching such a cooperation protocol, asserting that Misr El Kheir has the biggest livestock farms in Egypt whose production hit 100,000 heads annually. Misr El Kheir farms are established in various parts of Egypt including in Assiut, New Valley, El-Wahat el-Bahariya (Bahariya Oasis) and Tor Sinai.