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The government decided on 9/1/2012 to increase government subsidy of cotton purchasing from farmers to LE500 million – LE 300 million from the Principal Bank for Development & Agricultural Credit (PBDAC) and LE200 million from the finance ministry. PBDAC's LE300 million will be offered to the public business sector companies of spinning & weaving so they can buy cotton from farmers, estimated at 750,000 kantars. The decisions were made during a cabinet meeting under Prime Minister Kamal al-Ganzouri to discuss ways to improve the Egyptian economy.
"The cabinet's committee on improvement of economic conditions, in the meeting attended by the ministers of finance, agriculture, industry & foreign trade, and foreign affairs" said Minister of Planning & International Cooperation Fayza Abul-Naga. She added that the meeting also tackled solutions for the problem of butane gas as Dr. Ganzouri gave instructions to increase offered cylinders, noting the government is now working on installing natural gas services to houses as part of a strategy in this field. "The prime minister will receive on 10/1/2012 a delegation from the Egyptian Investors Union," said Abul-Naga, pointing out that the General Authority for Investment & Free Zones (GAFI)'s disput-settling committee managed to solve many problems facing investors.
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