Egypt commodities exchange will launch by H2 2021, Ashmawy

The launch of the long-awaited commodities exchange (Egycomex) has again been delayed until the second half of 2021, according to Internal Trade Development Authority (ITDA) Chairman and Egycomex head Ibrahim Ashmawy.

Sources had initially hinted at a September 2020 start date, which was later pushed back to 1H2021.

Ashmawy also added that wheat, oil, sugar, rice, iron and gold will all be accessible to traders from the get-go.

EFG Hermes, Beltone and CI Capital will represent the private sector in the exchange that is otherwise dominated by state players. The firms will share a 49% stake with the National Bank of Egypt, Banque Misr and the Agricultural Bank of Egypt, while the remainder will be held by the EGX, the Internal Trade Development Authority, the General Authority For Supply Commodities, the Egyptian Holding Company for Silos and Storage, Misr Holding Company, and Misr for Central Clearing Depository and Registry.