Written by: Adel Al-Bakl
The Agricultural Bank of Egypt and Sharqia Governorate have signed a joint cooperation protocol aimed at replacing and modernizing the mass transit system in the governorate's villages and centers, and transitioning towards safe and civilized means of transport. This protocol seeks to provide financing to replace old microbus vehicles and unsafe light pickup trucks used for passenger transport with modern microbus vehicles, thereby improving the level of service and protecting citizens' lives.
Details of the Signing Ceremony
The protocol was signed by Major General Abdel Ghaffar Al-Deeb, Secretary-General of the Governorate, and Seraj Abdel Fattah, Head of the Business Development and Sales Group at the Agricultural Bank of Egypt, in the presence of Engineer Hazem Al-Ashmouny, Governor of Sharqia, and Ibrahim Ati, Executive Consultant for Branches.
Objectives and Financing Advantages
The protocol aims to support drivers by granting loans with unprecedented facilities and rapid procedures to purchase modern microbus vehicles. Financing advantages include a down payment of only 25% of the vehicle's value, with repayment periods of up to 84 months, which helps drivers increase their income and comply with state decisions that prohibit the operation of dilapidated vehicles as a means of passenger transport.
Enhancing Development and Institutional Partnership
Engineer Hazem Al-Ashmouny, Governor of Sharqia, praised the efforts of the Agricultural Bank of Egypt in supporting the governorate's development plans and providing financing and community solutions that enhance social protection. The Governor emphasized the importance of benefiting from banking expertise and the bank's widespread branch network to implement projects with a direct impact on citizens' lives, stressing that the partnership between state institutions and the banking sector is a fundamental pillar for development.
For his part, Ibrahim Ati, Executive Consultant for Branches, confirmed the bank's keenness to communicate with the executive agencies in the governorates to meet developmental needs through its extensive branch network. Seraj Abdel Fattah also explained that this cooperation embodies the bank's national role in providing innovative solutions that serve all segments of society and drive the wheel of sustainable development.
Protocol Implementation Mechanism
It was decided to implement the protocol through the presence of representatives from the Agricultural Bank's sales team in coordination with the governorate, to receive applications from owners of vehicles intended for modernization, and to work on finalizing the bank's approval procedures on the same day, in line with the bank's strategy to be closer to its customers.
