Investment Loans For Farmers Register LE9 Bln In FY 2013/14: CAPMAS

The short, medium and long-term loans provided to farmers recorded EGP 9bn in fiscal year (FY) 2013/2014 compared to the EGP 7.2bn recorded in FY 2012/2013, the Central Agency for Public Mobilisation and Statistics (CAPMAS) revealed in its latest report.

The increase in loans was due to the farmers’ inability to settle previous debts, leading to the renewal of loands and the doubling of the loans limits, CAPMAS said.

The most significant surge was witnessed in the long-term loans, which climbed by 179.9% and totalled EGP 540m in 2013/2014, compared to EGP 193m in FY 2012/2013.

The highest figure, however, belonged to short-term loans which amounted to EGP 5.4bn in FY 2013/2014. Looking at FY 2012/2013, short-term loans recorded EGP 5bn.

“The total medium-term loans reached EGP 3bn in 2013/2014 versus EGP 2bn in 2012/2013, an increase of 46.4%,” the CAPMAS report read.

Agricultural cooperatives societies amount to 5,786 while the number of cooperative members reached 4.7 million.

The Ministry of Agriculture has witnessed a shocking series of events since August. Currently, the prosecution is investigating a major case of corruption within the ministry, upon which a media gag was ordered.

Former minister of agriculture Salah Helal was arrested on 7 September, hours after he resigned from his position in the cabinet. State media reported that former prime minister Ibrahim Mehleb met with Helal earlier that day and accepted his resignation. A cabinet statement said that the resignation was presented “on the orders of President Abdel Fattah Al-Sisi”.

Source: Daily News Egypt