Representatives of farmers and traders expressed their anger at the policies adopted by the state, and its way of dealing with the agriculture sector, during the conference entitled ‘200 years of Egyptian cotton’ on Monday. The farmers believe that the cotton crop, in particular, suffered from a marketing crisis during the current year, forced the Ministry of Agriculture to secure funding from seven banks to purchase the crop yield at 12% interest. Magdi El-Sharaki, head of the General Authority for Agrarian Reform, said the government asked the Ministry of Agriculture to increase the cultivated areas of the crop. He highlighted that imported cotton costs less than its domestic counterpart, as it ranges EGP 1,700 EGP 1,900 per quintal, while local prices are at least EGP 2,700. Mohsen Adel, chairperson of the General Authority for Investment, said that the cotton sector needs incentives provided by the state to achieve the development process.

Source: Daily News Egypt October 29, 2018 19:41 UTC