Egypt secures fresh funds to expand silo capacity: The French Development Agency (AFD) will provide us with a EUR 56.7 mn grant to help expand the country’s field silo capacity, Supply Minister Ali El Moselhy said on the sidelines of the Egypt-EU Investment Conference, which was confirmed by a later International Cooperation Ministry statement. MPs gave final approval to the grant in late January.

The details: The grant will help the state build over 20 new field silos over the coming 12-14 months, targeting governorates known for their high wheat production like Minya, Sharqia, and Dakahlia, El Moselhy added. The expanded capacity will help the state cut down on waste and increase the efficiency of local wheat trade.

Remember: The Supply Ministry slashed its wheat import targets for 2024 in June as it works to increase its purchases of local wheat. The ministry wants to procure around 3.7 mn tons of local wheat, up from an initial target of 3.5 mn tons, and is aiming to import some 5 mn tons of wheat, down from its initial target of 6 mn tons.

ALSO- Sugar on the EMX and wheat set to return? The Egyptian Mercantile Exchange (EMX) could begin offering wheat and sugar before the end of the year, El Moselhy added. The Supply Ministry temporarily halted wheat trading on the EMX in January “due to crazed price speculations and bids by some traders,” with plans to return the commodity once these issues had settled.

AND- Sugar export ban extended once again: The government has extended its ban on sugar exports for another three months starting today, El Moselhy added. The ban, which will run through September 2024, exempts surplus quantities beyond local market needs and will be the third extension since December.

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