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LAUNCH OF THE FISC-RURAL CREDIT
SYSTEM TO INCREASE INCOMES AND JOB OPPORTUNITIES IN THE
RURAL AREAS
The Financial Investment and Sector Co-operation
programme– Rural Component (FISC-Rural) will launch its
Credit System at a Promotional Seminar for Bankers to be
held under the auspices of H.E. Amin Abaza, Minister for
Agriculture and Land Reclamation and chaired by Prof.
Dr. Haniaya El-Itriby, President of the Agricultural
Research Center and Chairman of the Board of Trustees at
Le Méridien Pyramids Hotel on Wednesday 14th February
2007.
The FISC-Rural Component is a development project of the
Ministry of Agriculture and Land Reclamation funded by
the European Commission under the MEDA II Programme from
which €16 million [EGP 118 million] has been allocated
for the Credit Line fund.
The FISC-Rural Project’s objectives are to support the
Government of Egypt’s efforts to increase income and job
opportunities in the rural areas and to increase food
production, for both the local and export markets,
through the provision of financial and institutional
support to farmers, rural women and agricultural
entrepreneurs and their respective intermediary
organisations (cooperatives, associations and NGOs) who
are engaged in post harvest operations and input supply
and marketing activities. Project activities will
concentrate on improving the access of the credit
facilities to the target groups and on the institutional
strengthening of banks and intermediary organisations.
The Project’s €16 million Credit Line fund is managed by
an Agent Bank, the Commercial International Bank, CIB
working together with the following commercial
Participating Banks: Bank of Alexandria; National Bank
of Egypt; Banque du Caire, and; the Principal Bank for
Development and Agricultural Credit. These four banks
together with CIB will receive and verify loan
applications from potential investors before submitting
them via the Project Secretariat to the Project’s Board
of Trustees for approval.
When the loans are repaid the principal and interest
will be credited to a “Revolving Fund” which will be
used in a perpetual way to grant further loans to
farmers and agricultural entrepreneurs.
Fore more information, please contact:
Dr. Sobhi El-Naggar
Project Director
FISC-Rural Project Secretariat Office
37 El-Hussein Street, Mohandessin, Giza.
Tel: 02 762 7005 Fax: 02 335 1617
fisc-r@soficom.com.eg |
