Industrial Development Bank finances Egypt’s first agricultural commodities bourse

Egypt’s state-run Industrial Development and Workers Bank (IDWBE) says it is solely financing the country’s anticipated agricultural-focused commodities trading exchange, the first of its kind in the Middle East.

The bank is securing a financing of up to 132 million Egyptian pounds ($7.4 million) for the new bourse, which will be built over 57 feddans in Badr city of Beheira governorate, IDWBE chairman Maged Fahmy said Thursday.

Egypt announced plans to set up a global commodities centre in 2014, but gave few details at the time.

The latest plan envisions a bourse that will begin with two commodities, vegetables and fruits, Fahmy told Amwal Al Ghad, saying it would save 70 percent of the market needs and lower the prices by 50 percent.