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CAIRO - Egypt's state grains buyer, Mostakbal Misr, has signed several wheat supply agreements with European grain producers in a move intended to secure favourable prices and diversify the nation's wheat sources, it said in a statement.
Some of the agreements are barter deals intended to leverage Egypt's comparative advantages in various sectors, it added.
Mostakbal Misr did not give any further details of the agreements, such as the quantity of wheat secured, the prices, and origins.
It noted, however, that the result was "wheat supply at competitive prices and reduced costs, providing a significant boost to the national economy".
In December, two sources at Mostakbal Misr told Reuters that it had secured enough wheat to meet the country’s needs through the end of June 2025, mostly from Russia.
Egypt typically relies on Russia as a main source of wheat imports, both in state purchases and for the private sector.
In 2024, Egypt imported some 14.7 million metric tons of wheat in state and private purchases, 74.3% of which was sourced from Russia, according to trade data seen by Reuters.
Egypt's government depends on wheat imports for supplying subsidised bread to 70 million people and has recently encountered challenges importing the grain, while its strategic reserves have dwindled.
Mostakbal Misr, established in 2022 by presidential decree, was previously the development arm of the Egyptian Air Force. It replaced the decades-old General Authority for Supply Commodities (GASC) as the country's strategic grains buyer, a significant change that surprised the global market.
(Reporting by Mohamed Ezz Editing by Mark Potter)