Finance Minister Hani Qadri Demian has allocated LE10 billion for the government to buy domestically-grown wheat, with LE1 billion to purchase the first batch. The rest of the amount will be taken from next year’s budget
He said the government is keen to encourage farmers to expand the cultivation of strategic crops in order to achieve food security and reduce imports.
Mohamed Abdel Fattah from the Finance Ministry said the government purchased 3.76 million tons last year for LE10.8 billion, explaining that LE700 million of the first batch will be paid to the Food Industries Holding Company and the Silos and Storage Holding Company. LE300 million will be allocated to the Agricultural Development and Credit Bank to pay the farmers.
He said farmers must submit a certificate from the Export and Import Control Authority, proving that the wheat is not mixed with other imported or damaged crops, so as to make sure it is fit for consumption.
Edited translation from Al-Masry Al-Youm
