In a joint effort between the Egyptian government and the Central Bank of Egypt (CBE), arrangements have been made to secure the necessary foreign exchange currency for importing one million tons of sugar, and facilitate customs to ensure availability in the local market, Prime Minister, Mostafa Madbouly said in a Cabinet statement.
Ensuring price control, the government has implemented sugar import measures, and shipments have already started arriving, Madbouly added.
Minister of Supply and Internal Trade, Ali Moselhi, revealed that the procurement procedures for importing 300 thousand tons of raw materials have commenced, with some shipments already received.
Minister Moselhi also discussed the sugar production plan and its distribution strategy in the markets. The plan aims to strike a balance between consumer prices, whether for commercial or industrial purposes, and production costs.
In March, the Minister of Supply announced that Egypt is projected to produce around 140,000 tons of sugar during the ongoing local sugar beet season.
He further noted that the Ministry of Supply and Internal Trade aims to receive nearly 1 million tons of sugar beet as the current season extends until August. Farmers across different governorates have cultivated approximately 600,000 tons of sugar beet in preparation for this season.
Egypt Today
