Agricultural Bank of Egypt

The Agricultural Bank of Egypt is one of the oldest and most established banks in Egypt and the oldest specialized bank in the Middle East. It has made significant contributions to achieving development goals across various sectors, particularly in agriculture and rural development. Despite the numerous transformations the Agricultural Bank of Egypt has undergone over the past decades, its identity has remained unchanged, maintaining its position as one of the most important development institutions in Egypt and the Arab world, dedicated to supporting and financing the agricultural sector and related industries.

The Agricultural Bank of Egypt aims to provide the necessary financing for various types of agricultural and rural development projects, in accordance with applicable banking regulations and within the framework of the state’s general policy and the policies of the Central Bank of Egypt.

The bank is currently undergoing the largest restructuring and modernization process in its history to keep pace with the rapid developments in the Egyptian and global banking sectors. This will enable it to lead the economic development process and keep up with the rapid economic transformations taking place in Egypt.

The Egyptian Agricultural Bank dates back to 1930, when the Egyptian government decided to establish the first Egyptian bank to achieve agricultural and rural development goals. Its mission was to provide affordable loans to farmers, protecting them from the dominance of foreign real estate banks and usurers. Under Law No. 50 and a Royal Decree in 1931, the Egyptian Agricultural Credit Bank was established with a capital of one million Egyptian pounds during the global economic crisis, becoming the first purely Egyptian bank specializing in supporting and financing agricultural activity.

Since then, the bank has dedicated all its resources to serving and supporting the Egyptian economy. It plays a vital developmental role in financing major development projects, becoming one of the most important and widespread banking institutions in Egypt. The Egyptian Agricultural Bank currently has more than 1,200 branches throughout the country, in addition to over 4 million square meters of storage capacity, 2 million square meters of which are allocated for receiving locally grown wheat from farmers. The bank also owns 392 grain storage facilities across the country.

With the issuance of Law No. 84 of 2016, the Principal Bank for Development and Agricultural Credit became a public sector bank and changed its name to the Agricultural Bank of Egypt. It is structured as an Egyptian joint-stock company, wholly owned by the state, and possesses independent legal personality. The Agricultural Bank of Egypt is subject to the provisions of the Central Bank and Banking System Law issued by the new Banking Law No. 194 of 2020.

According to Law No. 84 of 2016, the Agricultural Bank of Egypt aims to provide the necessary financing for various types of agricultural and rural development activities. It also contributes to providing the necessary financing for production inputs, whether through imports or local production. Furthermore, the bank engages in all types of banking operations and activities related to its operations and the achievement of its objectives.