In a press conference following a cabinet meeting on Wednesday, Prime Minister Mostafa Madbouly announced approving the local wheat procurement price for the new harvest season at EGP 1,000 plus EGP 250 as additional incentives.
The total amount is EGP 250 higher than the guide price of local wheat procurement the cabinet announced in August as a step that "reflects the state's keenness to support farmers and encourage them to cultivate and supply wheat to the state."
The raise will lead the state to more than double the money allocated to support wheat in the general budget to EGP 95 billion, up from EGP 38 billion the previous year, Madbouly noted.
The state will continue to supply farmers with subsidised fertilisers as part of its efforts to support agriculture and farmers, he added.
The raise is part of President Abdel-Fattah El-Sisi's directives to provide a rewarding price for the wheat supply this season, the Prime Minister added.