Egypt’s long-awaited commodities exchange (Egycomex) is set to go live in 1Q2022, Ibrahim Ashmawy, head of the Internal Trade Development Authority and chairman of the new exchange, told local press.
The Egyptian commodities exchange had already trial operations this past spring to coincide with the start of the wheat harvest, Ashmawy, who is also chairman of the Internal Trade Development Authority (ITIDA), added.
Some 450 wheat collection points were established prior to the harvest time across the country for farmers wishing to offer their harvest on EGYCOMEX, the official further said.
Egypt, the world’s largest wheat importer, formed earlier this year the exchange with the aim of providing protection for small farmers and producers and making their stocks available to the wider market.
EGYCOMEX has 91 million Egyptian pounds ($5.8 million) in capital.
Egypt studies adding iron, cotton, gold, grains, frozen poultry, sugar, and wheat, to be traded on the EGYCOMEX, Ashmawy said.
