Madbouly issues decree licensing Egyptian Commodity Exchange

Cairo – The Egyptian prime minister Mostafa Madbouly has issued a decree for a licence granted to the Egyptian Exchange (EGX), the Internal Trade Development Authority (ITDA), and the General Authority for Supply Commodities (GASC) to establish a joint stock company under the name ‘the Egyptian Commodity Exchange’.

The decree stipulates that the company shall establish a market regulating the exchange of commodities that can be stored, in accordance with the provisions of the law of joint stock companies, limited partnerships by shares, and limited liability companies, the official Gazette reported on Thursday.

It is noteworthy to mention that in early January, the economic ministerial committee agreed on the request of Egypt’s supply and internal trade, the GASC, the EGX, and the Egyptian Holding Company for Silos and Storage to form the Egyptian Commodity Exchange.