EGP 44Bn Designated For Domestic Wheat Purchases From Farmers: Finance Minister
Date
6/10/2024 11:22:03 PM
(MENAFN- Daily News Egypt) Finance Minister Mohamed Maait has announced the allocation of approximately EGP 44bn for the procurement of domestically grown wheat from farmers thus far.
This funding aligns with the government's pledge to bolster farmers, lighten their financial load, and thereby invigorate agricultural production and investment.
The initiative stands as a cornerstone in the newly proposed budget, earmarking EGP 40.5bn to fortify productive and export-oriented sectors.
In today's press release from the Ministry of Finance, Maait elaborated that the forthcoming budget is crafted to underpin the objectives of agricultural advancement. It considers pivotal national endeavours to rehabilitate desert terrains, augment agricultural zones, and broaden greenhouse cultivation.
Such strategies are anticipated to cater to the populace's fundamental necessities and secure Egypt's food sovereignty.
Maait highlighted the government's aspiration to enhance the agricultural domain's contribution to the Gross Domestic Product (GDP) and to amplify the global competitiveness of Egypt's farm produce and commodities, which is expected to spawn additional employment opportunities.
Furthermore, he underscored the government's commitment to empowering farmers and amplifying their capacity to adapt to contemporary progressions by leveraging cutting-edge agricultural technologies essential for enduring development.
These efforts are projected to propel the agricultural sector forward, optimizing production returns, narrowing the import divide, boosting exports, and consequently diminishing poverty levels in rural communities.
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