Sun, 27 Dec 2020 - 02:04 GMT
REUTERS/Amr Abdallah Dalsh- A vendor waits for customers at a market in Abbdien square in Cairo, Egypt October 20, 2016
CAIRO – 27 December 2020: The Egyptian government is establishing first commodity exchange company in Egypt to control the prices of basic commodities, the Cabinet announced on Sunday in an annual report on the Ministry of Supply and Internal Trade’s achievements in 2020.
The new exchange aims at shrinking the circle of commodity trading from the source to the consumer, and saving the transportation cost, which represents 30% of the total cost of goods, the report clarified.
In the new exchange company, farmers’ products will be collected, classified and made available for all dealers on the exchange platform, in a way that contributes to increasing the competitiveness of small farmers and producers.
The commodity exchange company will participate in wheat season trading in April 2020, announced Minister of Supply and Internal Trade Ali Al-Meselhi in a statement on Sunday.
Investments of LE40 billion have been injected to establish 19 logistic and commercial zones, including two completed areas in Gharbia and Beheira governoartes, Egypt’s Delta, the report added.
It is expected that the new projects would provide more than 400,000 direct and indirect job opportunities.