Egypt’s General Authority for Supply Commodities (GASC) has sealed deals to import 65،500 tons of edible oil in the near future، as part of a government effort to boost the supply of strategic commodities.
Under the signed contracts، 16500 ton of sunflower oil and 30،000 tons of soybean oil would be imported، while 10،000 tons will be provided by local suppliers.
With the deal، Egypt has food oil stocks sufficient to cover up to 3.5 months.
GASC previously signed agreements in July to purchase more than 55،000 tonnes of cooking oil as part of the Egyptian governments efforts to meet the country’s demand for strategic commodities.
Egypt’s president Abdel Fatah al-Sisi announced in late June a government plan to increase subsidies available to ration cards from E£21 to E£50 (US$1.10 to US$2.70) per individual as part of an effort to boost the country’s social safety net.