MOF Offers PBDAC EGP 2.3 Bln for Local Wheat Purchase

Ministry of Finance offered EGP 350 million last Thursday to Principal Bank for Development and Agricultural Credit (PBDAC) to purchase wheat from farmers, amounting to EGP 2.3 billion since the beginning of the wheat harvest season, said Mohsen El Batran, chairman of PBDAC.

PBDAC purchased 1.220 thousand tons of wheat from farmers for EGP 3 billion, El Batran told Amwal Al Ghad.

Minister of Agriculture and Land Reclamation, Eng. Mohamed Reda Ismail said the delinquent fines on farmers, amounted to EGP 15 million, were dropped, noting that National Bank of Egypt lent PBDAC EGP 262 million to purchase Cotton from farmers in the last season.