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Tuesday, 20 October 2020

Egypt’s farmers call for cotton subsidies as low prices bite

Cotton traders are demanding the government provide subsidies to farmers worth EGP 200-300 per qintar to offset the low prices created by the new public auction system, reports Al Mal. Member of the Egyptian Cotton Union Mahmoud Farouk said prices had been driven down to an average of EGP 1.8k per qintar, compared to a range of EGP 1.8-2.1k in 2019. The new system, which has seen private-sector companies purchase nearly 40k qintars since its introduction in September, is being used in Fayoum, Beni Suef, Beheira and Sharqia before being rolled out across the country next year.

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