ArabFinance: The General Authority for Supply Commodities (GASC) entered into an agreement to procure 200,000 tons of Russian wheat in the framework of the World Bank’s Emergency Food Security and Resilience Support Project, according to an official statement on December 28^th.

The contracted amount includes 5 cargoes each comprising 40,000 tons supplied by Grain Flower at $339 per ton.

The value of the wheat will be paid at sight and shipping is expected to occur between February 1^st and 15^th.

On December 26^th, Minister of Supply and Internal Trade, Ali El-Moselhi, revealed that Egypt’s wheat reserve was sufficient for 4.6 months.

It is worth noting that the World Bank Group approved a $500 million loan in June to support Egypt’s food security plans for poor and vulnerable households.

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