Home / News / Egypt to buy 500,000 tonnes of wheat from India: Minister
Back

Egypt's government has agreed to buy half a million tonnes of wheat from India, Egyptian Supply Minister Aly Moselhy told Reuters on Sunday.

Egypt, one of the world's biggest wheat importers, is looking for alternatives to Black Sea grain exports which face disruptions caused by Russia's invasion of Ukraine, both major wheat exporters to Egypt.

"We have agreed to buy half a million tonnes from India," Moselhy said, speaking on the sidelines of a press conference.

New Delhi announced a ban on wheat exports on Saturday amid a scorching heat wave that has curtailed domestic production and driven up domestic prices.

However, Moselhy said during the press conference the Indian ban would not apply to the deal with Egypt.

He also said the Egyptian cabinet had given approval for government purchaser the General Authority for Supply Commodities to circumvent its tender process and purchase wheat directly from countries or companies.

Egypt was also in talks with Kazakhstan, France, and Argentina, he said.

Egypt has four months' worth of strategic at reserves and six months of vegetable oils, the country's prime minister said earlier in the day.

Officials say that following procurement of the ongoing local harvest, Egyptian wheat reserves would be sufficient until the end of the year.

This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less

Recommended For You

Trending Stocks

×
Get alerts on WhatsApp
Set Preferences My ReadsWatchlistFeedbackRedeem a Gift CardLogout