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Business, Economy

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Egypt to sign wheat-for-goods swap deal with India to fight shortage

June 6, 2022 8:07 am
  • Moses Elhy met with the Indian ambassador to Egypt on Wednesday to discuss the potential swap agreement for 500,000 tons of wheat
  • The Egyptian government has also in talks with the UAE, the US and western Europe in a bid to ease potential shortages

Egypt will import wheat from India in exchange for the export of fertilizers, Bloomberg reported citing Egypt’s Supply Minister, Aly El-Moselhy.

Moses Elhy met with the Indian ambassador to Egypt on Wednesday to discuss the potential swap agreement for 500,000 tons of wheat, the report stated. 

The Indian government had earlier banned wheat exports in May to strengthen the country’s food security but has since eased restrictions to allow suppliers to fulfill their contracts.  

The Egyptian government has also in talks with the UAE, the US and western Europe in a bid to ease potential shortages.

Egypt is one of the world’s largest wheat importers, and the ongoing clashes between Ukraine and Russia have negatively impacted the wheat supply to the country.

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