Egypt to buy 180,000 tonnes of wheat from India: Minister
The Egyptian Minister of Supply and Internal Trade announces that an agreement has been reached with India on the supply of 180,000 tonnes of wheat.
Egypt has contracted 180,000 tonnes of wheat from India, which will be delivered in the near future, Egyptian Minister of Supply and Internal Trade Ali Moselhi confirmed on Sunday.
"An agreement has been reached with India on the supply of 180,000 tonnes of wheat," Moselhi told a news conference.
He said Egypt had strategic wheat reserves enough to last it for up to six months. Russia remains Egypt's main supplier of wheat.
Egypt saw food prices rise in March in the wake of the war in Ukraine. The government placed a cap on bread prices and a three-month ban on the export of some staple foods, including wheat, corn, beans, and flower.
On May 14, India imposed a ban on wheat exports to ensure the country’s food security. Consequently, the price of wheat in Europe soared to a record $455 a ton.
However, in late May, India announced that it will allow wheat exports to friendly countries and to those in need.
If exported to countries struggling economically such as Lebanon and Egypt, Indian wheat can play a huge role on the global stage. Moreover, with the increasing sanctions on Russia, G7 countries have continuously urged India to reconsider its decision to ban wheat exports since their very sanctions have caused disruptions in grain exports.