The General Authority for Supply Commodities contracted, through an international practice, to purchase 60,000 tons of Romanian wheat.
The authority stated in a statement that this comes within the framework of the strategy of the Ministry of Supply and Internal Trade to enhance its stocks of basic commodities, noting that the shipping period is from October 5 to October 20, 2023.
The Minister of Supply and Internal Trade, Dr. Ali Al-Moselhi, stated that the strategic reserve of wheat is sufficient for up to 4.7 months
Al-Moselhi explained during the press conference he held regarding the agreement that I signed
Egypt is with the UAE, represented by the Abu Dhabi Fund for Development, to provide revolving financing of $100 million for a period of five years, with a total of $500 million, with the aim of financing wheat imports. Land it in the Toshka area, and it will be supplied in Egyptian pounds, like local wheat from Egyptian farmers, and not in dollars, as is said.
He explained that the second method will be imported wheat, and the method of purchase will be the same as the method of announcing an international tender, opening credits, and then paying based on the usual documents and procedures, as the Abu Dhabi Fund will finance the quantities contracted for after being awarded to the company, which gives an advantage to Egypt in relieving pressure on the Commodity Authority. Rationalization to save the dollar while providing a strategic reserve.
He added that the House of Representatives must ratify the agreement, which will reconvene next October, and then the President of the Republic approves it, indicating that after ratification, the executive formula for the agreement will be worked out by the Ministry of Justice, expecting the actual work to start next January and provide wheat for a period of 6 months. .
Supply decided today on offers to supply imported wheat
Today, Tuesday, August 22, 2023, the Ministry of Supply, represented by the General Authority for Supply Commodities, held a session for opening envelopes and deciding, in a practice to supply imported wheat, at its headquarters in the government district of the Administrative Capital in the Ministry of Supply building.
This comes within the framework of the Ministry of Supply and Internal Trade’s plan to enhance the strategic stock of all basic food commodities, especially wheat, for a period of six months, in accordance with the directives of the political leadership.
The General Authority for Supply Commodities had announced the practice of importing wheat on the basis of FOB from all origins listed in the conditions book.
The General Authority for Supply Commodities determined the shipping period from October 5 to October 20, 2023, or from October 25 to November 10, 2023, or from November 15 to November 30, 2023.
The authority clarified that the bid prices are provided by FOB on the basis of payment at sight, funded by the Islamic Trade Finance Corporation.