Minister of Supply
This decision was influenced by a drop in flour prices of 40 percent in March. The cost of flour decreased from EGP 26,000 to EGP 16,000.
Moselhi made the statements at the inauguration of 'Future Project for Agricultural Production' at Dabaa-Rod El-Farag road on Saturday, which comprises more than a million feddans.
Egyptian President Abdel Fattah El-Sisi instructed the government to work on maintaining the continuity of the state’s basic food commodities strategic stockpile and to follow up on their market prices.
Meselhi said the state strategy depends on maintaining the strategic stock of food for at least six months with increasing the efficiency of food distribution across the republic.
"Egypt is the only country in the Middle East and Africa, which achieved a growth rate of 2.4 percent, despite the Covid-19 crisis," Moselhi noted.
He pointed out that there is a general trend to increase reserves, whether wheat or basic commodities, in order to achieve food security.
The minister was briefing Prime Minister Mostafa Madbouli on the status of the wheat supply nationwide.
This was announced during a meeting of the general assembly of the state-owned company under Supply Minister Ali el Meselhi.
The establishment of the commodities exchange is linked to the logistic areas, and their whereabouts, which is an important part of the internal trade system.
The balance of domestic rice market is 7 months.
Minister of Supply Ali Moselhi said Thursday that Egypt’s strategic rice reserves are enough to last until the end of April.
Egypt has about 3.4 million tons of wheat, sufficient for more than 4.5 months.
The second phase of the My Association (gam'ity) project launched Monday, according to Minister of Supply Ali Moselhi.
The government assigned sugar factories the process of marketing and selling sugar for industrial purposes at LE 500 for each ton as of August.
Egypt’s strategic reserve of wheat reached 5.9 million tons, enough to cover the domestic need for six months and half.
Egypt contracted with 55 companies to import 50,000 tons of rice in the next six months, as it targets imports of up to 100,000 tons.
Minister of Supply Ali el-Meselhi held a meeting with the chairman of the Federation of Egyptian Chambers of Commerce, Ahmed el-Wakil.
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