Supply Minister: Egypt Plans Global Grain Hub

Egypt, the biggest buyer of Russian wheat, aims to create a global grain trading and storage hub, Supply Minister Sherif Farouk said on Friday, speaking at a grains event in the Russian city of Sochi. Faruk said that Egypt is pursuing an ambitious ⁠and comprehensive strategy to ⁠transform the country into a hub for the storage and processing of grain crops as well as trading grain throughout the Middle East, ⁠Africa, and other regions. “In this context, Egypt now wants to establish a global hub for grains,” Farouk said, adding that the project will include modern elevators, transport systems, and processing and storage facilities. He said that Egyptian and Russian commodity exchanges could join forces ⁠in ⁠the modernization of Egypt’s grain trading infrastructure, developing pricing benchmarks, and ensuring supply chain’s transparency. “Egypt will continue to strengthen its relationship with Russia in developing grain tracking systems. All these efforts will help us improve transparency and resilience in the strategic commodity market,” Farouk said.