Egypt Allocates Over $60Mln to Buy Wheat Locally Amid Unstable Imports
© Sputnik / Vitaliy Timkiv
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Egypt will spend $60 million to buy wheat from local farmers amid concerns that the conflict in Ukraine may disrupt global wheat supply, Finance Minister Mohamed Maait said on Monday.
"In order to encourage farmers to supply as much wheat as possible, 1.1 billion [Egyptian] pounds [$60.3 million] has been allocated as a down payment for the purchase of wheat of the local crop," the ministry said in a press release obtained by Sputnik.
Maait said that Egypt expects to receive about six million tonnes of wheat at a total cost of nearly $2 billion.
"The price of locally harvested wheat was increased by 1,100 pounds [about $60 per tonne] compared to the previous year," Maait added.
Last week, Egyptian Prime Minister Mostafa Madbouly said Cairo was counting on France's assistance concerning food supply, including wheat, in case the Ukrainian crisis is protracted.
On March 17, the Egyptian and Russian agriculture ministers, Mohamed El-Quseir and Dmitry Patrushev, held a phone conversation, during which Patrushev informed his counterpart that supplies of wheat from Russia to Egypt will continue without any delay.
Ukraine and Russia jointly account for 30% of global wheat exports, 20% of corn and 76% of sunflower.
On March 17, the Egyptian and Russian agriculture ministers, Mohamed El-Quseir and Dmitry Patrushev, held a phone conversation, during which Patrushev informed his counterpart that supplies of wheat from Russia to Egypt will continue without any delay.
Ukraine and Russia jointly account for 30% of global wheat exports, 20% of corn and 76% of sunflower.
