Egypt finances acquisition of local wheat by LE 44B

Egypt has provided LE 44 billion thus far to fund the acquisition of locally grown wheat from farmers, Minister of Finance, Mohamed Maait said.

 

This action reflects Egypt's commitment to bolstering the agricultural sector and alleviating the burdens faced by farmers, ultimately fostering increased agricultural production and investment.

 

Maait addressed one of the key priorities outlined in the new budget, which sets aside LE 40.5 billion to support productive activities and enhance export capabilities.

 

The budget takes into account national initiatives focused on reclaiming desert lands and expanding the agricultural area, with the aim of meeting the fundamental needs of citizens and ensuring food security throughout Egypt.

 

Furthermore, Minister Maait highlighted the state's ambition to elevate the agricultural sector's contribution to the gross domestic product while maximizing the competitive edge of agricultural products in global markets, thereby generating fresh employment prospects. 

 

This comprehensive approach seeks to propel the agricultural sector forward, aiming to attain the highest possible returns from production, narrowing the import gap, and boosting exports. Consequently, poverty rates in rural areas are expected to decline, a positive outcome confirmed by the Minister of Finance.