MAFI for Agricultural Produce Industries Signs Cooperation Protocol with the Ministry of Agriculture and the Egyptian Agricultural Bank for Financing Contract Farming
Alaa Farouk, the Minister of Agriculture and Land Reclamation, witnessed the signing of a joint cooperation protocol between MAFI for Agricultural Produce Industries, the Egyptian Agricultural Bank, and the Ministry of Agriculture. The aim of this protocol is to support contract farming and provide necessary financing for farmers, encouraging them to expand the cultivation of crops that MAFI requires as raw materials for its manufacturing and export operations. This initiative contributes to improving farmers’ livelihoods and adds value to agricultural production, striving for agricultural development and supporting the national economy.
The protocol was signed by Eng. Mostafa El-Sayed, Deputy Minister of Agriculture and Land Reclamation, Sami Abdel Sadeq, Acting Chairman of the Egyptian Agricultural Bank, and entrepreneur Ahmed Abou Hashima, Chairman of MAFI for Agricultural Produce Industries, in the presence of several leaders from the ministry, the Egyptian Agricultural Bank, and the company.
After the signing, Alaa Farouk stated that, under the protocol, MAFI for Agricultural Produce Industries will nominate farmers interested in obtaining financing from the Egyptian Agricultural Bank to grow and produce agricultural crops according to the specifications agreed upon with the company for manufacturing and export purposes.
The Minister of Agriculture noted that the bank will receive and review financing requests to provide the necessary funds to farmers according to its loan programs and available credit categories for each crop.
Farouk added that the Ministry’s Contract Farming Center will provide technical and agricultural guidance to farmers to ensure the highest yields in line with quality standards for the agricultural crops.
Entrepreneur Ahmed Abou Hashima, Chairman of MAFI for Agricultural Produce Industries, emphasized that the collaboration with the Ministry of Agriculture and the Egyptian Agricultural Bank is a key step in supporting and developing the agricultural and food-processing sectors in Egypt. He highlighted that this partnership aims to provide technical support and agricultural advice to farmers to ensure advanced, efficient, and sustainable agricultural production that meets the highest global quality standards.
Abou Hashima explained that the cooperation with the Egyptian Agricultural Bank aims to enhance the production of high-quality agricultural raw materials, supporting farmers and agricultural cooperatives to obtain the best agricultural products for food processing, thus adding value. He also noted that these products will be entirely exported to international markets, contributing to increased foreign currency revenues and supporting the national economy.
Sami Abdel Sadeq, Acting Chairman of the Egyptian Agricultural Bank, emphasized that the bank is committed to supporting the state’s efforts in developing the agricultural sector and achieving comprehensive agricultural development through ongoing collaboration with the Ministry of Agriculture. He pointed out the bank’s constant efforts to boost farmers’ productivity by expanding contract farming financing, providing loans for crop production, and removing obstacles for farmers to benefit from financial facilitation for agricultural projects, which, in turn, will increase farmers’ income and improve their standard of living.
