issued Central Agency for Public Mobilization and Statistics Today, Wednesday, is the annual bulletin of cooperative activity in the agricultural sector for the year 2023/2024, which showed positive indicators in terms of wages, investment loans, and expansion of cooperative societies.
According to the bulletin, the number of agricultural cooperative societies reached 6,027 societies, topped by agricultural credit societies with 4,462 societies, representing 74% of the total, followed by agricultural reform societies, with 780 societies, representing 12%, then reclaimed land societies, 682 societies, representing 11%, and finally water resources societies, with 103 societies, representing 1.7% of the total agricultural cooperative societies.
As for investment loans, it witnessed a significant increase to reach 56 billion pounds during the fiscal year 2023/2024, compared to 16.1 billion pounds in 2022/2023, an increase of 248.5%, to cover short-, medium- and long-term loans to farmers and various agricultural projects.
Details of the loans were as follows: Short-term loans amounted to 8.6 billion pounds, compared to 11.1 billion pounds in the previous year, recording a decrease of 22.7% as a result of the decline in granting loans guaranteed by deposits and for various operational purposes. On the other hand, medium-term loans increased to 22.6 billion pounds, compared to 2 billion pounds in the previous year, a huge increase of 1034.6% as a result of supporting agricultural investment activities, livestock, and new Central Bank projects.
Long-term loans also recorded remarkable growth, reaching 24.8 billion pounds, compared to 3 billion pounds in 2022/2023, an increase of 738.3%, as a result of the financing allocated to developing irrigation systems, real estate financing, solar energy projects such as “Bint Misr,” and small and micro projects for the Central Bank.
In terms of wages and social insurance, the total annual cash wages and insurance for workers in agricultural cooperatives and village banks reached 5.5 billion pounds in 2023/2024, compared to 3.1 billion pounds in 2022/2023, recording an increase of 77%, which reflects the improved conditions of workers in the agricultural cooperative sector.
These indicators reflect an accelerated growth in agricultural cooperative activity, while enhancing agricultural investment, and improving wages and benefits for workers, which contributes to supporting productivity and maximizing the use of agricultural resources in Egypt.
