Agreements and protocols

A cooperation protocol was signed between the Ministry of Supply and Internal Trade and Bank of Egypt (instant collection service), by the bank and its branches spread across the country are authorized to collect the value of food fines imposed on bakeries and food grocers through the supply directorates within whose jurisdiction the bakeries and grocers are located. This service enables the Authority and the employees of the Ministry of Supply and the directorates to verify the value collected from each bakery or grocer at the same time of payment.

As part of the state's commitment to providing the country with essential goods and strategic crops, a cooperation protocol was signed between the General Authority for Supply Commodities and the National Bank of Egypt, whereby the bank will finance letters of credit for the purchase of essential goods offered through the food supply system. This funding has been increased over time, currently amounting to EGP 36.5 billion.

As part of the state's commitment to diversifying funding sources for the wheat crop, and given the insufficient local production of the crop to meet citizens' needs for local bread, an agreement was signed between the Egyptian government and the Abu Dhabi Exports Office, whereby the Fund will finance the state with an amount of $500 million (revolving financing). This financing will be used to meet the country's needs for imported wheat produced by the Emirati company Al Dahra.

In the context of the state's keenness to diversify funding sources to provide the wheat crop and the main commodities (sugar/oil) that the country needs, and in light of the insufficiency of local production of wheat and these commodities to meet the needs of citizens for local bread and the food supply system, a framework agreement was approved signed between the Egyptian government and the Islamic Trade Finance Corporation, according to which the corporation will finance the state with an amount of $365 million. This financing is used to meet the country's needs for imported wheat and basic commodities.

As part of the state's commitment to governing the procedures of the local bread system and the processes involved in producing local bread, from the procurement of wheat to the production and distribution of the loaf to citizens, the direct debit experiment is currently being implemented in Port Said Governorate, which stipulates the following:·   The value of the wheat is deducted directly from the mill's bank account and deposited into the account of the General Authority for Supply Commodities.·   The miller is delivered the amount of wheat equivalent to the value deducted from its account.·   The mill delivers the flour to bakeries at the value specified by the Ministry of Supply and Internal Trade.·   The General Authority for Supply Commodities pays the value of the bread delivered to citizens into the accounts of local bakery owners through the points of sale provided to the bakery owners.

The European Investment Bank has approved a soft loan to the Arab Republic of Egypt to finance the Food Resilience Project for the General Authority for Supply Commodities (GASC). The loan is currently undergoing all necessary legal procedures.