Egypt is set to start full operations of its anticipated commodities exchange (EGYCOMEX) in the first quarter of 2022, said Ibrahim Ashmawy, EGYCOMEX head, on Monday.
The Egyptian commodities exchange had already trial operations this past spring to coincide with the start of the wheat harvest, Ashmawy, who is also chairman of the Internal Trade Development Authority (ITIDA), added.
Some 450 wheat collection points were established prior to the harvest time across the country for farmers wishing to offer their harvest on EGYCOMEX, the official further said.
A Twinning Project on the horizons
EGYCOMEX is also set to reach a twinning agreement with the Belarusian Universal Commodity Exchange (BUCE) to benefit from the Belarussian experience of using the exchange mechanism, Ashmawy noted.
Earlier this month, EGYCOMEX has signed a memorandum of understanding with the BUCE during an Egyptian delegation visit to the BUCE’s headquarters in the Belarusian capital of Minsk. The delegation was led by Egyptian Minister of Supply Ali Moselhy.
Egypt, the world’s largest wheat importer, formed earlier this year the exchange with the aim of providing protection for small farmers and producers and making their stocks available to the wider market.
EGYCOMEX has 91 million Egyptian pounds ($5.8 million) in capital.
Egypt studies adding iron, cotton, gold, grains, frozen poultry, sugar, and wheat, to be traded on the EGYCOMEX, Ashmawy said.
