Egypt is implementing a national silo project aimed at increasing storage capacity for wheat and grains and maintaining a strategic reserve to secure the country's needs

Egypt and Belarus discussed the possibility of establishing a logistics zone for importing, manufacturing, and marketing grain products.

Egypt is considering increasing its silo storage capacity by 76% to reach 6 million tons of grains, cereals, and strategic goods by 2030.

Egypt’s imports of Russian grains have dropped 25.6% year on year (YoY) in the six months to December 31st, 2023.

Egypt has been facing food security challenges for years as it heavily relies on imported wheat to meet domestic demand. Egypt also imports a good amount of rice and other grains to cover local needs. Russia’s recent withdrawal from the Black Sea grain-export initiative and India's restrictions on rice exports have raised concerns about the future of food security in Egypt. However, the government has already taken steps to secure grain supplies and ensure market stability.

The new loan falls within the framework of a financing agreement dating back to 2018 between Egypt and the ITFC, which is affiliated with the Islamic Development Bank.

The Egyptian government decided on April 12th to increase the local wheat procurement price by EGP 250 per ardeb (equivalent to 150 kilograms). This 20% increase brought the price of wheat to EGP 1,500 per ardeb for the 2023 season.

The country's given notice for withdrawal from the multinational Grains Trade Convention (GTC), which is concerned with enhancing market transparency to increase trade cooperation, comes amid disturbance in the grain market due to the negative repercussions of the Russian-Ukrainian war.

Egyptian Minister of Supply and Internal Trade Ali Moselhy agreed with the former President of Serbia to import grains, mainly wheat and corn, from Serbia, Bulgaria, and Romania through the Port of Constanta to the Egyptian ports of Alexandria or Damietta, according to a statement by the Egyptian ministry on February 8th.