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No backtracking on rice exports at EGP 2,000 per tonne - Daily News Egypt

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No backtracking on rice exports at EGP 2,000 per tonne

Expected returns set at $1bn for exporters and $280m in returns for state due to export fee

No backtracking on rice exports at EGP 2,000 per tonne. (AFP Photo)
No backtracking on rice exports at EGP 2,000 per tonne.
(AFP Photo)

Minister of Supply and Internal Trade Khaled Hanafy told Daily News Egypt that the General Authority for Supply Commodities will continue receiving rice supplies from his ministry at EGP 2,000 per tonne.

Keeping the tonne price as it is will prevent a price increase to over EGP 4 per kilo of rice, he said.

Hanafy added that the door has been opened to allow rice to be exported globally, under the condition of a $280 fee. He said that exporting companies’ returns will reach $1bn as a result of overseas markets selling one tonne of rice for $1000, with state returns to reach $280m due to the fee.

He said the ministry launched the construction of a logistics city covering 3.35m square meters on Monday, of which half a million is located within the borders of Damietta Port. The remainder falls under an untapped industrial area located north-east of the port with total investment costs of around EGP 13.1bn.

The ministry will complete the logistics city as well as commercial and shopping area projects within two years, the minister went on. The latter is located in close proximity to the Suez Canal Axis, which was offered to some of the world’s largest companies during President Abdel Fattah Al-Sisi’s recent visit to the US.

The project was well received by the companies, Hanafy said, adding that it will be located on area of 1,000 acres and with investment costs worth EGP 50bn. It is expected to create around 500,000 jobs after the first phase of construction.

Hanafy explained that the new city will include reproductions of cities and sites from around the world. The move will attract international companies to produce and offer global brands. The details of the project will be announced soon.


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