From Ventures Africa
The Egyptian government has allocated EGP 473.2 million ($67.6 million) in the budget of fiscal year 2013-2014 to extend support to farmers.
Last year, the government had spent EGP 183.9 million ($26.2 million) on farmer support plans. A report compiled for Minister of Finance Ahmed Galal shows that during last three years more than EGP 1 billion ($143 million) were allocated to boost agricultural output and support farmers.
The report highlights that out of the total budget allocation; an estimated EGP 340 million ($48.5 million) will be used to support the interest rate differentials on vegetable production loans provided by the Principal Bank for Development and Agricultural Credit (PBDAC).
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