In order provide protection to small farmers and producers and make their stocks available to the markets, Egypt announced to set up a commodities exchange that will have about $5.78 million in capital.

Initially, the exchange will sugar, wheat, oils, and rice beginning in the first half of 2021.

Egypt, the world’s largest wheat importer, said the commodities exchange will be chaired by Ibrahim Ashmawy, the current head of the internal trade development authority.

Egypt has exported over 674,450 tons of potatoes to the world market, including the EU countries since the month of April, according to the country’s the Ministry of Agriculture and Land Reclamation.

Al Attar, head of Central Administration of Plant Quarantine at the Ministry of Agriculture, said that the potato crop ranks number two in Egypt’s agricultural exports due to its quality.

Egyptian potatoes are well-known for their good quality as they are grown in clay or sandy soil.

It is to be noted that agriculture remains a vital sector of the Egyptian economy. It contributes nearly one-eighth of the Gross Domestic Product (GDP), gives employment to roughly 25% of the labour force, and provides the country with an important part of its foreign exchange through agri-exports.

Egypt’s Minister of International Cooperation Rania Al-Mashat has met with the European Investment Bank’s officials to discuss future cooperation between the two parties in priority sectors.

The cooperation will work towards achieving sustainable development, particularly in transport, agriculture and health sectors.

The meeting comes in light of Egypt’s efforts to bolster the collaboration with a range of development partners to achieve the best possible results for the nation.