Egypt to get French funding for pioneer wholesale market

Egypt has secured about 100 million euros ($115.77 million) of French financing for a pioneer wholesale market on Egypt's north coast and discussed with French officials ways to reduce the shipping cost of wheat imports, the Egyptian supply ministry said on Friday.

The wholesale market in Borg El Arab near Alexandria would be followed by the development of 14 similar markets in Egypt to improve food security, the ministry said in a statement following a visit to France by Supply Minister Ali Moselhy.

The operation of the project, designed following a French study and to be funded by the French Development Agency, is expected to start within 24 months, it said.

During his visit Moselhy discussed Egypt's efforts to diversify its wheat imports and options for reducing the cost of shipping French wheat to make it more competitive against Black Sea wheat, including through the use of Egypt's National Navigation Company, the statement added.

Egypt is the world's largest wheat importer.