Egypt offers 4 bln pounds to state grains buyer in July – ministry

Egypt provided 4 billion Egyptian pounds ($252 million) to the state grains buyer last July as part of an injection of funding to meet liquidity needs, according to a finance ministry statement on Sunday.

The General Authority for Supply Commodities’ (GASC) money covered costs for a food subsidy card system, breadmaking, and distribution expenses, besides 400 million pounds for the purchase of locally grown wheat, the statement added.

Egypt is the world’s largest wheat importer that increased purchases of wheat during the coronavirus as it seeks to bolster supplies of basic commodities.