Egypt cabinet approves launch of commodities exchange

Egypt’s cabinet approved on Tuesday a plan by the ministry of supply to start the Egyptian commodities exchange project.

Upon the approval, minister of supply Ali Moselhy said his ministry will form a joint venture with the Egyptian stock exchange, the General Authority for Supply Commodities, Internal Trade Development Authority, and the Egyptian Holding Company for Silos and Storage to manage the commodities exchange.

They will own 50 percent of the JV, the minister said. He referred to a number of other potential shareholders including the Egyptian Central Clearing, Depository, and Registry House (MCDR), Misr Insurance Holding Company in addition to some commercial chambers as well as public, private, and investment banks. The issued and paid-up capital of the JV will amount to 100 million Egyptian pounds ($6.2 million).