May 15, 2013

Egypt's wheat imports decreased to 3.3 million tonnes in 2013, compared to 5.6 million tonnes in 2012, said Minister of Supply and Internal Trade Bassem Ouda during a press conference on May 13.

"The Ministry received two ships loaded with wheat, with each ship containing 60,000 tonnes, in May and June," he said. "In the same period last year, the Ministry received nine ships with 60,000 tonnes aboard each."

"Domestic wheat supplies in May reached four times the amount supplied last year during the same period," he added.

Ouda added that the ministry plans to recondition 15 silos over the next year and will finish studies to recondition 10 other silos during the next two weeks.

The Ministry plans to establish a further 75 silos via sukuk (Islamic bonds), he said.

"Egypt has succeeded in increasing its storage capacity in a very short period of time," he said.

He added that in the last 20 days the Ministry of Finance has made available EGP4.5 billion (US$648.72 million) for the Ministry of Supply to purchase wheat from local farmers.

He also confirmed that the Ministry of Agriculture has now started planting corn with a target delivery price of EGP330 (US$47.57) per 150kg to provide fodder for livestock and poultry.