Dr. Ganzoury also announced that the Bank for Development and Agricultural Credit, (PBDAC) will provide a subsidy for the public sector spinning and weaving companies by 33 million USD in order to enable these companies to buy the accumulated cotton that reached this season about 180K Tons.
This was during his meeting with the Cabinet Committee on Improvement of Economic Conditions and was attended by the Ministers of Planning and International Co-operation , Petroleum, Agriculture, and Finance”.
Dr. Fayza Abu El Naga ( Minister of Planning) has announced at a press conference that the current season has witnessed an increase in the cotton production due to increasing the world cotton prices last year, but the prices dropped during the current season which led to accumulating large stocks at the Egyptian Farmers. “.
Date:1/11/2012
Source:http://www.mrketplace.com