FIHC Allocates EGP1 bln For 500K Tons Of Paddy

Food Industries Holding Company (FIHC) has allocated  EGP 1 billion to purchase 500 thousand tons of paddy, carrying out the promises of President Mohamed Morsi during Farmers’ Day of raising the purchasing price to EGP 2000 per ton.
Ahmed Galal, Chairman of Rice Marketing Company, an affiliate to FIHC, told “Amwal Al Ghad” that the company is drawing up a contract with the Food Industries Holding Company (FIHC), the General Authority for Supply Commodities (GASC), and rice mill companies.
 He elaborated that this amount will be reserve of the company if the importers couldn’t meet the demanded quantities to the wholesale companies in the coming period. He also referred that the Rice Marketing Company will operate, fill and deliver the quantities to the wholesale companies to be distributed later.
Galal mentioned that the Philippines rice that is existing in the markets, is overstocks tenders were posed before; adding that the existing tenders are only for the domestic rice.