Source: APKinform (Ukraine)
Egypt remains confident that it will achieve its goal of importing around 3.8 million tons of wheat by the end of 2024 through tenders, direct purchases and intergovernmental agreements. Egyptian Supply Minister Sherif Farouk said on August 19, according to Oilworld.co.uk.
“We still have the green light to start direct negotiations to get the best price,” he told reporters.
According to the minister, Egypt should receive certain “benefits” in importing wheat, whether through favorable payment terms or preferential prices, due to the importance of its wheat purchases.
“We are confident that we will be able to buy wheat at reduced prices from our two main suppliers due to balanced foreign relations,” Sh Farooq said.
Although he did not name the suppliers, it is known that Russia and the EU are important wheat suppliers for Egypt. The minister also pointed out that Egypt is studying the possibility of adding Turkey as a new source of wheat imports, following Algeria’s recent large-scale purchase of wheat from the country.
Farouk also explained that Egypt’s wheat stocks currently cover more than six months’ needs, but the Ministry of Supply intends to increase this to more than nine months in order to defuse possible “geopolitical tensions”.