8 December 2012

Egypt: Interest Rate for Small Farmers Decreased to Three Percent

The Principal Bank for Development and Agricultural Credit decided to decrease the interest rate on loans for the farmers who grow crops, where the interest rates will not exceed 3% for small farmers who possess less than a feddan as they represent 90% of Egypt's farmers.

The decision will be applied immediately after the political leadership and government approve it.

On the other hand, the Bank decided to earmark EGP 7 billion in loans for the farmers who grow staples such as cotton, wheat and corn at an interest of about 5%.

The Bank's Board Chairman, Dr. Mohsen al-Batran, said that loans will be paid for the farmers 48 hours after submitting an application for the loan.

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