CAIRO: Egypt’s strategic stocks of wheat are sufficient to last for six months and the government signed agreements with several countries to import wheat in order to meet the local demand, said Minister of Supply and Internal Trade Khaled Hanafi on Saturday.
Egypt imports wheat from many countries including Russia and Ukraine and it is committed to stick to “tough specifications” of good quality and reasonable prices on wheat imports, said Hanafi.
On July 3, Egypt agreed to buy 120,000 tons of Russian wheat and 120,000 tons of Romanian wheat at the price of US$ 262.81 per ton including shipping expenses, al-Mal newspaper reported. Egypt imported 5.46 million tons of wheat during 2013-2014 Fiscal Year.
In the framework of its efforts to boost wheat cultivation, Minister of Agriculture Adel al-Beltagy announced Saturday Egypt will hit 75 percent of its annual demand of wheat by 2018.
In a press conference June 19, Beltagy said the ministry of agriculture aims to gradually raise wheat production to satisfy 81 percent of domestic need by 2030.
The Ministry of Supply bought 3.7 million tons of locally produced wheat during the wheat agriculture season that started April 2014 and ended June 2014.
The Ministry of Agriculture issued a report in May stating that since Jan. 1, 2014, it had received 511,000 tons of wheat so far from local farmers, which represents 48 percent more than the amount received in the same period last year.
Additional reporting by Randa el-Banna.