Global firms to implement Egypt’s first commodity bourse

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Wednesday - 2 December 2015 - 11:57 AM



The Minister of Supply and Internal Trade Khaled Hanafy signed a cooperation protocol with an alliance of  three international companies specialized in goods bourses creation.

The alliance that includes French Sabika, English Sigma and AustralianINGOT, aimed at establishing commodity grain exchanges in Egypt.



By virtue of the protocol, companies' alliance shall provide technical support, scientific and logistical expertise to create commodity exchanges in Egypt, and perform the required feasibility studies within 90 days of protocol signing, including the necessary technical research to establish a commodity exchange in grains field, in cooperation with other parties.



The Minister said after the signing that the commodity bourse is a step forward in improving the supply chains of food commodities to protect products and small farmers and set a fair price for their produce and provide a funding mechanism, adding that 60% of cultivated area less than half an acre, And also commodity bourse leads to regulate markets and domestic trade sector, and link the Egyptian markets to foreign markets.



He added that conservation and storage processes are now developed and will be soon completed the development of 105 storehouses  with storage capacity of up to one million tons of wheat and grains ,as well as there are 25 silos for grain will be established  and operated soon.