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Egypt announces EG£ 500mn subsidy for cotton purchase

11
Jan '12
The Government of Egypt has announced a subsidy of EG£ 500 million for purchasing of seed cotton from local farmers.

A subsidy of EG£ 300 million would be provided by the Principal Bank for Development & Agricultural Credit (PBDAC) and it will be available to public sector spinning and weaving companies for procuring cotton, estimated at 750,000 kantars (1 kantar = 157 kilograms of seed cotton), from growers.

The remaining EG£ 200 million would be released by the Ministry of Finance.

The decision was taken at a meeting of the Cabinet's Committee on Improvement of Economic Conditions, which was held to discuss measures to improve the economy of Egypt.

Besides Prime Minister Kamal al-Ganzouri, the meeting was attended by the Ministers of Agriculture, Finance, and Planning & International Cooperation, among others.

Fibre2fashion News Desk - India


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