Egypt planning to store wheat for Arab countries: Supply minister

The Food Industries Holding Company is undertaking comprehensive reforms including one to improve packaging and distribution at soap and oils companies, Minister of Supply Khaled Hanafy said in a Saturday press conference.

The reforms will also include sugar companies, to increase their supplies and make them adequate for both the domestic market and export, and the storage of wheat in Egypt for other Arab countries, according to the minister.

“The government is now negotiating with several neighbouring Gulf countries to import wheat for storage in the silos of the Silos Holding Company [...] The move will contribute to secure our needs as the largest wheat importer in the world, and will also bring in financial returns for storage,” Hanafy said.

The minister estimated that savings to be achieved from the new bread subsidy system in the canal governorates will amount to 30% of the total subsidies provided. He explained that the implementation of the new system also started in south Cairo and will be rolled out in the rest of the governorates over the next year.