CAIRO: Egypt has contracted to buy the largest quantity of wheat in a tender in at least a decade, as it takes advantage of the recent price drop. Additionally, the World Bank has agreed to provide the North African country $500 million in development funds to boost food security.
Egypt has contracted to buy the largest quantity of wheat in a tender in at least a decade, as it takes advantage of the recent price drop, Bloomberg reported.
The country’s General Authority for Supply Commodities bought 815,000 tons to bolster stockpiles as Russia’s invasion of Ukraine disrupted global supplies.
According to data compiled by Bloomberg, the order is considered the largest single purchase since at least 2012.
Food security
The World Bank has agreed to provide Egypt with $500 million in development funds to boost food security.
Egypt-Saudi electrical interconnection
The minister of electricity and renewable energy has said work is currently in progress on the electrical interconnection project with Saudi Arabia to exchange 3,000 MW at a cost of $1.8 billion.
Mohamed Shaker told Daily News Egypt that the project is set to be operational by 2026.