Egypt’s Ministry of Supply said that “the country’s strategic wheat reserves will last for 7 months”, noting that “it is now difficult to predict what is happening in the world.”
Assistant Minister of Procurement and Head of Internal Trade Development Authority Ibrahim Al-Ashmawi said in a statement that “It is difficult to predict what is going on in the world right now, Egypt has enough wheat for 7 months, which has served us as the volume of wheat stocks has increased in Egypt due to the presence of silos. He continued, “Egypt is currently getting what are called corn storage dryers, and we have been able to increase the productivity of wheat per acre to 22 ardabs per acre, instead of 18 ardabs per acre.”
El-Ashmawy added: “Over the next month, a commodity exchange will be launched to reduce the intermediate links between the factory and the consumer, and after the launch of the Egyptian Commodity Exchange, trading will be launched through an electronic platform for the first time. in Egypt and it will have products such as wheat, oils, rice, frozen poultry and a group of other supply commodities, in addition to cotton and gold … this will be sold through the Egyptian Mercantile Exchange and we are not canceling the sellers who are our stock exchange or supply chain partners and partnerships will take place with them and suppliers in an organizational manner to prevent exaggeration.”
And the Assistant Minister of Supply added: “Egypt has handled the global crisis in the commodities market because the necessary financial resources have been provided, be it wheat, oils and corn, and some countries have set a ceiling for consumption. essential commodities in light of the global food crisis”.
Source: El Iktisad
