The Egyptian Ministry of Supply said, on Friday, that Egypt arranged French financing of approximately 100 million euros ($115.77 million) for a leading wholesale market on the country’s northern coast, and discussed with French officials ways to reduce the cost of shipping wheat imports.
The ministry said in a statement following a visit by the Minister of Supply Ali Al-Moselhi to France that the wholesale market, which is located in Borg El Arab near Alexandria, will be followed by the development of 14 similar markets in Egypt to improve food security.
She stated that the operation of the project, which was designed after a French study and will be financed by the French Development Agency, is expected to start within 24 months.
The statement added that during his visit, Al-Moselhi discussed Egypt’s efforts to diversify its wheat imports and options to reduce the cost of shipping French wheat to increase its competitiveness with Black Sea wheat, by exploiting the Egyptian National Shipping Company.
The country’s state grain buyer, the General Authority for Supply Commodities, recently amended the rules for shipping tenders in a move seen as an effort to curb rising shipping costs.