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:
http://www.fibre2fashion.com/news/textile-news/newsdetails.aspx?news_id=116981
