RIYADH: The Egyptian government is aiming to supply as much as 6 million tons of local wheat this year, with an accumulated worth of 36 billion Egyptian pounds ($1.97 billion), a statement said, citing the Minister of Finance.
Wheat supplies in the African country have been under pressure as a result of geopolitical tensions between Russia and Ukraine. This comes as Russia was a major source of wheat for the country.
In an attempt to facilitate the procedures for importing local grain, and to encourage farmers to supply the largest amount possible, a downpayment of 1.1 billion Egyptian pounds has been made to the Supply Commodities Authority and the Egyptian Agricultural Bank, the minister disclosed.
This comes as the price of a ton of local wheat has surged around 1,100 Egyptian pounds when compared to a year earlier, he revealed.
To ensure that funds are available for financing the purchasing of local wheat, the Ministry of Finance is following up with the Ministry of Supply and Internal Trade on the position of the daily supply of local wheat, he added.
The government’s top priority is to meet the basic needs of citizens and secure the “strategic stock” of wheat.
