Economy News

Egypt plans to purchase 500,000 tonnes of wheat from India


Egypt, one of the world’s largest wheat importers, is seeking alternatives to Black Sea grain shipments, which are being disrupted by Russia’s invasion of Ukraine, two of Egypt’s key wheat suppliers.

“We have agreed to acquire half a million tonnes from India,” Moselhy said during a press briefing on the sidelines.

Amid a searing heatwave that has the restricted local output and driven up domestic prices, New Delhi slapped a restriction on wheat exports on Saturday.

During the press conference, Moselhy stated that the Indian embargo would not apply to the Egypt contract.

He also stated that the Egyptian cabinet had approved the General Authority for Supply Commodities, a government buyer, to bypass the bidding procedure and buy wheat directly from nations or firms.

He said that Egypt was in negotiations with Kazakhstan, France, and Argentina.

Egypt’s prime minister indicated earlier in the day that the country had four months’ worth of strategic reserves and six months’ worth of vegetable oils.

Egyptian wheat stocks will be sufficient until the end of the year, according to officials, following the purchase of the ongoing local harvest.

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