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.

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