22/08/2023

The Cairo authorities announced the possibility of exporting Russian wheat if the Russian Federation creates a logistics distribution center in the Suez Canal zone. In this case, Egypt can increase purchases of wheat in Russia, and then supply it and other cereals to neighboring countries.

Such a hub in the Suez zone will be a center for the storage and trade of wheat and other cereals in Egypt, the countries of North and East Africa, as well as the Arab states.

Cairo noted that Moscow's suspension of the grain agreement with Ukraine and Turkey has led to the fact that Egypt, as an importing country, is suffering losses from the growth and fluctuations in world wheat prices.

To create a strategic reserve, the Egyptian authorities signed a contract for the purchase of 360 thousand tons of Russian wheat. The shipment of this batch will take place from September 1 to September 10.

According to the first assistant to the Minister of Supply of Egypt, Ibrahim Ashmawi, Cairo is among the largest importers of wheat. At the same time, the share of Russian wheat in its imports is 80%.

The Ministry of Industry and Trade expects that the construction of the infrastructure of the Russian industrial zone on Suez will begin this year.