Egypt earmarks EGP44b for local wheat purchase – minister

Egypt’s Minister of Finance Mohamed Maait announced on Monday the allocation of 44 billion Egyptian pounds (approximately $922.4 million) to finance the purchase of locally produced wheat from farmers, as per a Cabinet statement. The move underscores the government’s commitment to supporting the agricultural sector, a key pillar of the nation’s economy and food security.

The allocation is part of a broader strategy to incentivise domestic wheat production, Minister Maait added. By providing financial support to farmers, he noted that the government aims to stimulate agricultural investment and increase overall output.

The minister further said that the approach reduces Egypt’s reliance on wheat imports, contributing to a more stable and secure food supply for the country.

Prioritising the agricultural sector

The new national budget reflects the government’s prioritisation of agriculture, with an allocation of additional 40.5 billion pounds to support productive and export activities within the sector, the minister noted. This includes initiatives focused on land reclamation projects, expanding greenhouse production, and adopting modern agricultural technologies. These efforts aim to enhance the competitiveness of Egyptian agricultural products in international markets, potentially leading to increased exports and job creation within rural areas.

By supporting advancements in agricultural technology and practices, Minister Maait said the government seeks to empower farmers and maximise their productivity. This not only benefits the national economy but also contributes to sustainable development and poverty reduction in rural regions, he explained.