Egypt's GASC buys 60,000 tons of Romanian wheat in international tender

Ahram Online , Tuesday 22 Aug 2023

Egypt's grain buyer, the General Authority for Supply Commodities (GASC), has bought 60,000 tons of Romanian wheat in an international tender.

grains
File Photo: A ship in Constanta, Romania, is loaded with grain. AP

 

In a statement Tuesday, the GASC said the step forms part of its strategy to enhance its reserves of basic commodities.

The amount is set to be shipped between 5 and 20 October.

Egypt, the world's top wheat importer, relies heavily on wheat for making bread, a staple of the Egyptian diet.

Egyptians consume almost 100 billion loaves of bread annually, made with around 18 million tons of wheat, according to government officials.

According to recent estimates, Egypt imports two-thirds of the 18 million tons of wheat that are consumed domestically every year.

The country is expected to import 12 million tons of wheat during the current FY 2023/24, which started on 1 July, according to a report by the Food and Agriculture Organization released in July.

The country has been seeking new international sources of wheat since the onset of the Russia-Ukraine war, as it was relying on those two nations for 80 percent of its imported wheat.

Egypt has adequate wheat reserves to last five months, according to government officials.

Last week, Egypt inked a $500 million five-year financing agreement with the Abu Dhabi Exports Office (ADEX), a financial arm of the Abu Dhabi Fund for Development (ADFD), to finance wheat imports.

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