Egypt to import 50,000 tons of rice in 6 months

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Thu, 27 Jul 2017 - 08:39 GMT

BY

Thu, 27 Jul 2017 - 08:39 GMT

Rice - Pixabay

Rice - Pixabay

CAIRO – 27 July 2017: Egypt contracted with 55 companies to import 50,000 tons of rice in the next six months, targeting up to 100,000 tons, Head of Rice Division in the Chamber of Food Industry said Thursday.

Ragab Shehata, the head of the division, added to Egypt Today that the Ministry of Supply will open for contracts with other firms coinciding the harvest season, by September, to reach the targeted volume.

The Ministry has put strict conditions to make sure that the rice stock will not be stored to raise its price, as happened last year.

Minister of Supply Ali Moselhy noted that determining rice prices will be left for the market’s mechanisms during the coming marketing season, adding that the Cabinet has agreed on keeping the restriction of rice exports in the coming period until insuring that the local market’s needs are met.

Available quantity of rice in Egyptian market reached 63,300 tons, reserve for 25 days, Central Agency for Public Mobilization and Statistics (CAPMAS) announced earlier.
Egypt is set to double its last year’s production of rice this year, Moselhy told Reuters earlier.

A supply ministry official also said Egypt's strategic rice reserves are set to rise to 12 months within 10 days from a current level of four months' supply

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