CAIRO: The price of a quintal of cotton produced in the Delta was set at 1,300 EGP ($166,) while a quintal produced in Upper Egypt was priced at 1,150 EGP, Youm7 reported Thursday.
The Ministry of Agriculture prepared a memo to be presented to the Cabinet to approve the pricing, with a subsidy of 300 million EGP for traders due to the global reduction in the cotton prices. The subsidy aims to encourage traders to purchase cotton from agricultural associations that receive the cotton directly from farmers.
The set pricing, reached by representatives from the government, farmers and textile factories, includes the cost price and a profit margin for farmers. Next year, cotton will be heavily cultivated over 600,000 acres, whereas this year it was planted in 240,000 acres only, head of the Cotton Association Walid al-Sadany was quoted by Youm7.