ABE secures over EGP 110 m for improving transportation services

16 / 10 / 2021

By Ahmed Abdel Qawi - - | Edited by Marwa Nassar

The Agricultural Bank of Egypt (ABE) secured over EGP 110 million to replace 606 pickup trucks used for transporting people with modern microbuses last September.

The overture was meant to develop transportation services in governorates, offer safer and better transportation means for people and improve people’s standards of living in accordance with the Decent Life presidential initiative for developing the Egyptian countryside.

The overture took place in the Upper Egypt governorates of Aswan, Sohag, Qena and Luxor.

The ABE also secured need fund for superseding tok-toks by mini-vans in North Sinai governorates.

This falls within the framework of the bank’s patriotic role to achieve development in rural areas.

The Agricultural Bank of Egypt is one of the banks contributing to an initiative aiming to replace pickup trucks with new microbuses through offering soft loans with unprecedented facilities to pickup trucks’ owners.

This also supports the decisions taken by governors and traffic authority banning pickup trucks as means of transportation for people in villages and cities.

These decisions were meant to ensure safety of people in addition to taking into account the environmental dimension through using energy-efficient vehicles operating by natural gas in accordance with the state’s move.

Within this context, the bank signed several cooperation protocols with various governorates with an aim to magnify the bank’s contribution to the Presidential Initiative “Decent Life” for developing the Egyptian countryside.

The ABE also offers a package of incentives to encourage pickup trucks’ owners to benefit from the replacement overture.

Under this incentives package, the bank’s loans will be repaid in a period ranging between five to eight years. The bank also offered a grace period of three months in addition to fueling-for-free coupons for beneficiaries of the project.

The bank has also coordinated with various governorates to exempt beneficiaries of the overture from parking fees for one year.