CAIRO, Broadcasting news corporation : Egypt’s supply minister said on Monday that an agreement to buy wheat from India still stood despite recent curbs on Indian exports, although it is unclear when the grain will be shipped. Egypt, one of the world’s biggest wheat importers, has sought to diversify its suppliers since facing higher global prices and disruptions to purchases from the Black Sea after Russia’s invasion of Ukraine in February. Supply Minister Aly Moselhy said in June that Egypt had contracted to buy 180,000 tons of wheat from India, after initially agreeing to purchase 500,000 tons. “We have an agreement on quantity and price — 180,000 tons of wheat, and price was $400 per ton,” Moselhy told reporters on Monday, disclosing the price for the first time. The wheat had not yet left India, he added however. India, the world’s second biggest producer of wheat, banned private overseas sales of the grain on May 14, but made allowances for countries like Egypt with food security needs. A scorching heatwave has curtailed India’s output this year.
In an effort to boost its strategic wheat reserves, Egypt’s government has bought around 1.8 million tons of wheat since the start of the current fiscal year, Moselhy said, making big purchases from countries including France and Russia since the Indian deal was announced. Moselhy said Egypt’s strategic wheat reserves currently stand at around seven months. NEWS COLLECTED FROM ARAB NEWS.