Egypt Farm Bank Mulls Entire Wheat Crops Purchase

Egypt’s main agricultural bank – the Principal Bank for Development and Agriculture Credit (PBDAC) is considering to purchase the entire wheat crops from the local farmers prior to the plantation process so as to ensure not being leaked into the free market.

Egypt’s wheat output accounts for 7 million tons per year; while the country’s wheat imports are in the amount of 9 million tons.

PBDAC is aiming to prevent the leakage of the local subsided wheat into the free market, said the bank’s vice chairman on Saturday.

Emad Abd El-Aziz Salem, Vice Chairman of the Board and Director at PBDAC, said his bank is targeting the launch of 7 new silos in cooperation of the Egyptian ministries of agriculture, supply and defense.

With a UAE financial assistance worth EGP 1.5 billion, the three Egyptian ministries are planning to launch 30 silos in which the capacity of each silo is set to reach 31.000 tons, Amwal Al Ghad has quoted the Egyptian top official as saying on Saturday.