The Central Agency for Public Mobilization and Statistics (CAPMAS) said the total investment loans granted to farmers and agricultural projects reached about EGP 14.2bn in the fiscal year (FY) 2017/18, compared to about EGP 9.6bn in FY 2016/17, an increase of 47.2%.

Short-term loans granted to the agricultural sector amounted to about EGP 7.7bn in FY 2017/18, compared to EGP 5.6bn in FY 2016/17, an increase of 36.2%, while the total medium-term loans reached EGP 602bn, against EGP 3.5bn, an increase of 76.5%, CAPMAS said in a report on Wednesday.

It added that the increase in short and medium-term loans is due to the increase in livestock loans, the expansion in granting loans related to agriculture and loans guaranteed by various purpose deposits.

It noted that the total long-term loans granted to the agricultural sector amounted to about EGP 243.2m in FY 2017/18, compared to EGP 446.3m in FY 2016/17, up by 45.5%.

CAPMAS attributed this decline to the decline in the value of youth loans, employees, international cooperation projects and consumer loans.

CAPMAS issued on Wednesday the annual bulletin of the cooperative activity in the agricultural sector in FY 2017/18.

The number of agricultural cooperative societies reached 5,801 in FY 2017/18, compared to 5,809 in FY 2016/17.