The Federation of Egyptian Chambers of Commerce (FEDCOC) has decided on Tuesday to carry out the first phase of the national project to have commodities exchanges and logistics centres in Egypt.
The first phase will include Beheira, Qalyubia, Al Sharqia, and Sohag governorates.
Ahmed Al Wakeel – FEDCOC Chairman – stated that the total costs of Phase I amounts to around EGP 2 billion.
He referred that the implementation works have already begun in Beheira governorate since around 59 feddans have been bought.
There are ongoing talks to buy more lands in Qalyubia, Al Sharqia, and Sohag governorates, Wakeel added.
Moreover, Wakeel further told Amwal Al Ghad that the main reason behind establishing commodities exchanges and logistics centres is to regulate the trading movement in the Egyptian market, setting a price list for vegetables and fruits. The commodities exchanges will provide clear price indicators for the trade atmosphere, he noted.
A commodities exchange is an entity, usually an incorporated non-profit association, that determines and enforces rules and procedures for the trading of commodities and related investments, such as commodity futures. Commodities exchange also refers to the physical center where trading takes place.