Minister of Agriculture Abdul Moneim El-Banna approved loans totalling EGP 99.9m under the national project of livestock, which targets 618 people in 17 governorates.
El-Banna said that the first phase of the project, which includes EGP 300m worth of loans, has been completed, where the ministry has financed the purchase of 8,055 calves worth EGP 71.4m. The phase also includes financing the feeding of 5,715 calves at a cost of EGP 28.5m. The project is based on a study carried out by the Agricultural Bank of Egypt and by the ministry’s Livestock and Poultry Development Sector.
The ministry has coordinated with the Central Bank of Egypt (CBE) and the Agricultural Bank of Egypt to provide the rest of the funding worth EGP 200m to accomplish the project. The livestock project aims to support graduates and young livestock developers, provide new job opportunities, and contribute to reduce the shortage of red meat in the market.
The ministry launched an initiative to finance projects in the sector of livestock to support small and medium enterprises (SMEs) in providing red meat and feedstuff. The financing will be given at a 5% return rate. The livestock project aims to provide new job opportunities and contribute to reduce the price of red meat.