Prime Minister Mostafa Madbouly witnessed the signing of the purchase order for nuclear fuel for the El Dabaa Nuclear Power Plant

Russian Deputy Prime Minister Alexei Overchuk welcomed the prospects of the creation of the Russian industrial zone in the Suez Canal Economic Zone (SCZONE)

Egypt’s Minister of Investment and Foreign Trade Hassan El-Khatib and Russian Minister of Industry and Trade Anton Alikhanov co-chaired the 15th session of the Egyptian-Russian Joint Committee for Trade, Economic, Scientific, and Technical Cooperation, held in Moscow.

For Egypt, the ceasefire could offer both immediate relief and long-term opportunities. As a major importer of wheat and a key player in global trade through the Suez Canal, Egypt's economy is deeply intertwined with geopolitical stability.

Trade exchange between Egypt and Russia rose by 5.3% year on year (YoY) in 2023 to around $5.159 billion, compared to $4.896 billion.

Russian authorities have halted the departure of two Egyptian ships loaded with wheat destined for export.

The Egyptian government is seeking to commence the trial operation of El Dabaa Nuclear Power Plant’s (NPP) first reactor by the second half (H2) of 2027, Chairman of the Nuclear Power Plants Authority (NPPA) Amged El-Wakeel said.

Trade exchange between Egypt and Russia rose by 14% year on year (YoY) in the first 11 months of 2023 to $5.1 billion, compared to $4.5 billion.

Egypt’s imports of Russian wheat rose by 39% year on year (YoY) in 2023 to 7.5 million tons, compared to 5.4 million tons in 2022.

Egypt’s imports of Russian grains have dropped 25.6% year on year (YoY) in the six months to December 31st, 2023.

Russia has lent Egypt over $1 billion so far of the $25 billion loan for the construction of the El Dabaa Nuclear Power Plant (NPP).

Egypt’s real estate developer GV Investments has signed a strategic partnership agreement with the Russian manufacturer of electric vehicles (EVs) Concordia to set up an EV components manufacturing factory in Egypt.

Egypt is considering implementing a barter trade system with Russia, Türkiye, and some African countries due to the shortage in foreign currencies.

The General Authority for Supply Commodities (GASC) has purchased 470,000 metric tons of wheat in an international tender, Reuters reported.

Egypt entered a direct deal with a Russian state-backed merchant for eight wheat cargoes this week.

Egypt is currently in talks with the Russian government to buy 1 million tons of wheat.

Egyptian Minister of Agriculture and Land Reclamation Al-Sayed El-Quseir has met with representatives of the Russian purpose-built machinery manufacturer Rosspetsmash to probe cooperation in the field of agricultural machinery manufacturing.

The Egyptian General Authority for Supply Commodities (GASC) has purchased 480,000 metric tons of Russian wheat in a private deal.

Egypt has been facing food security challenges for years as it heavily relies on imported wheat to meet domestic demand. Egypt also imports a good amount of rice and other grains to cover local needs. Russia’s recent withdrawal from the Black Sea grain-export initiative and India's restrictions on rice exports have raised concerns about the future of food security in Egypt. However, the government has already taken steps to secure grain supplies and ensure market stability.

The value of trade exchange between Egypt and Russia rose 16.2% year on year (YoY) in 2022 to $4.7 billion, compared to $4.1 billion.