Commodities

Egypt Says Reserves of Strategic Commodities Last for Six Months

Egypt’s Supply Minister Ali Moselhy asserted that food security is a top priority, noting that the reserves of strategic commodities can last for six months.

During his inauguration of “Egypt’s Future” project for agricultural production, Moselhy said that Egypt has silos that can store up to 3.4 million tons of commodities.

The minister noted that the state has implemented several initiatives in order to control the increase in prices.

Moselhy showcased the ministry’s plan to provide the strategic commodities to citizens across the country, adding that the merchandise outlets reached 40,000.

Egyptian President Abdul Fattah al-Sisi has called for establishing mega markets in Cairo and Giza to control prices of commodities.

The state is responsible for controlling the commodities prices by the end of 2022, the president added, stressing the necessity of integrating the work of state institutions, the civil community and the commercial chambers until the global economic crisis is over.

Sisi said that he ordered the exploitation of vacant lands in order to establish markets, revealing that up to 10-15 markets can be established in Cairo and Giza.

He revealed that he is in a challenge to fulfill the country’s demands, affirming that the private sector has proven itself capable of achieving the mission with high efficiency.

The country needs to create 900,000 job opportunities annually, he added.


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