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Egypt's cotton farmers to get LE70mn for pest control
09
Aug '13
Egyptian Government will allocate (LE) Egyptian pounds 70 million (US$ 10 million) to cotton farmers in the country for financing pest control, according to a report Finance Minister Ahmed Galal received from the Ministry’s general budget sector.
 
Cotton farmers in Egypt will be granted LE100 (US$ 14.3) per feddan, an Egyptian unit of area equivalent to 1.038 acres (0.42 hectares), to purchase pesticides.
 
According to the report, the LE70 million come under the plan of allocating LE473.2 million (US$ 60.5 million) to Egyptian farmers during the 2013-14 fiscal year by the State’s Treasury, reports Egypt Independent.
 
The State’s Treasury has been supporting the farmers with more than LE1 billion (US$ 140 million) over the past two fiscal years.
 
The report states the Treasury will be paying 6 percent of the value of the interests that will be provided to the farmers.
 
The subsidies would be disbursed through the Principal Bank for Development and Agricultural Credit.
 
In the fiscal year 2012-13, the State Treasury allocated LE183.9 million (US$ 26.33 million) to the farmers in Egypt, where as in the fiscal year 2011-12, LE346.1 million (US$ 49.55 million) were offered to the farmers.
 

Fibre2fashion News Desk - India


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