Egyptian govt reduces interest rate for cotton growers

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.

Source: fibre2fashion