7 October 2012

Egypt: PBDAC Allocates EGP.1 Billion to Purchase Cotton

Prime Minister Hisham Qandil on Saturday 6/10/2012 decided that bank revenues for soft loans for agricultural production will only be calculated at a 5% rate per year.

Meanwhile, Agriculture and Land Reclamation Minister Salah Abdul-Mo'men agreed on Saturday to allocate LE1 bn from the Principal Bank for Development and Agricultural Credit (PBDAC) to buy cotton harvest from farmers at LE1000-1100 per kantar.

The government will afford a 7% subsidy annually as the premier's decision.

That will be applied on over dues of the PBDAC of the Fiscal Year 2012/2013, to be disbursed during FY 2013/2014, according to a Cabinet source.

The decision emanates from the government's role in lessening the burdens of farmers and facilitating loans offered to them, said the source.

Ads by Google

Copyright © 2012 Egypt State Information Service. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 2,000 reports a day from more than 130 news organizations and over 200 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.