QNB Egypt and the Desert Research Center signed a cooperation protocol aimed in supporting the agricultural sector in the Sinai, in the presence of Mr. Alaa Farouk, Minister of Agriculture and Land Reclamation.
The protocol was signed by Mr. Mohamed Bedeir, CEO of QNB Egypt, and Dr. Hossam Shawky, President of the Desert Research Center, in the presence of a number of representatives of the Ministry of Agriculture and the Bank's employees.
Under this protocol, QNB Egypt will finance 40 agricultural projects in the Qaa Valley Development Cluster in South Sinai as a first phase that includes micro-projects in various agricultural fields and training beneficiaries of agricultural projects to use best agricultural practices to achieve the highest production rates. This funding comes in support of the "Nama’a" initiative launched by the Desert Research Center with the aim of strengthening partnership with national and regional institutions in the field of financing Development in agricultural clusters in South Sinai, supporting farmers, improving income, and empowering women economically, to achieve sustainable development.
On this occasion, Mr. Alaa Farouk, Minister of Agriculture and Land Reclamation, said that this protocol, which will finance 40 agricultural projects, will contribute to enhancing agricultural production, providing new job opportunities, and achieving food security in desert areas. He added that this cooperation reflects the importance of Partnership between the banking, research and agricultural sectors to achieve economic development and sustainable development goals.
For his part, Mr. Mohamed Bedeir, Chief Executive Officer of QNB Egypt, said that this agreement comes within the framework of the bank's keenness to support the Country’s efforts to achieve sustainable development, especially in areas where it is significant such as Sinai, in line with the bank's strategy and the directives of the Central Bank of Egypt, expressing his appreciation for this cooperation with the Desert Research Center and its efforts in developing Egypt's lands, under the patronage of His Excellency the Minister of Agriculture. He added that this partnership represents an important step towards empowering farmers and their families and achieving development, explaining that the financing of targeted projects reflects the importance of coordinating efforts between financial institutions and various national institutions.
Dr. Hossam Shawky, Head of the Desert Research Center, said that this cooperation comes within the framework of the efforts of the Ministry of Agriculture and Land Reclamation to develop agriculture in the deserts and new areas in Egypt, in addition to improving the lives of beneficiaries of agricultural projects, especially the agricultural clusters project in Sinai through effective partnerships with national and regional financing institutions operating in Egypt, as this protocol aims at a financing initiative aimed at Empowering more than 40 beneficiaries by providing funding for the implementation of development projects in agricultural clusters in South Sinai, in addition to projects that supports women, which contributes to the development of sustainable agriculture, increasing productivity and empowering women.