Egypt establishes first commodities exchange with EGP 91 mln capital

SectorOil & Gas

Egypt's Minister of Supply and Internal Trade Ali Moselhy announced on Wednesday the establishment of the Egyptian Commodities Exchange Company with a total capital of EGP 91 million.  The company comprises seven entities and a number of commercial and investment banks. The move, directed by President Abdel-Fattah El Sisi, is part of Egypt's plan to develop internal trade, control domestic prices, and provide food commodities at fair prices, the minister said. The exchange will protect small farmers and producers by collecting their produce to be offered on the exchange's online platform, Moselhy explained. "Egypt's commodities exchange is a part of the infrastructure of the internal trade system that is expected to encourage small farmers and producers to engage in the formal trade system. The decision will reflect positively more...