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Egyptian govt reduces interest rate for cotton growers
16 Oct '12
1 min read
Egyptian Prime Minister Hisham Qandil has announced that interest on loans extended for agricultural production, including to cotton cultivators, will be calculated at a rate of five percent per annum.
The announcement implies that the Government will give a seven percent subsidy to cotton growers on the soft loans taken by them in fiscal year 2012-13.
Meanwhile, the Government has allocated LE 1 billion to procure cotton from farmers at LE 1,000-1,100 per kantar of 157 kg.
Fibre2fashion News Desk - India
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