Egypt’s New Price for Bread Will ‘Take Time’, Supply Minister Says

A baker collects loaves at a bakery in Cairo, Egypt, August 6, 2021. REUTERS/Hanaa Habib
A baker collects loaves at a bakery in Cairo, Egypt, August 6, 2021. REUTERS/Hanaa Habib
TT

Egypt’s New Price for Bread Will ‘Take Time’, Supply Minister Says

A baker collects loaves at a bakery in Cairo, Egypt, August 6, 2021. REUTERS/Hanaa Habib
A baker collects loaves at a bakery in Cairo, Egypt, August 6, 2021. REUTERS/Hanaa Habib

Egypt's Supply Minister Ali Moselhy said on Thursday deciding a new price for subsidized bread "will take time".

Egyptian President Abdel Fattah al-Sisi in August said it was time to increase the price of the country's subsidized bread, revisiting the issue for the first time since 1977 when then-President Anwar Sadat reversed a price rise in the face of riots.

The subsidised loaf has been sold since then for 5 Egyptian piasters ($0.0032), Reuters reported.

"The prices of commodities have been increasing since January, across vegetable oils markets, sugar and lately wheat," Moselhy told a news conference in Cairo.

"The wheat price set by suppliers will take into account inflation," he said, adding that the strategic reserves of the world's largest wheat buyer were sufficient for five months.

Moselhy also said that from Nov. 1 the price of a 1 liter bottle of subsidized vegetable oil would increase to 25 Egyptian pounds ($1.60) from 21 pounds per bottle.

Egypt, which imports 95% of its vegetable oil needs through state buyer GASC, offers buyers a blend of soybean and sunflower oil covered by its extensive subsidy program.

The increase is the second one this year on the back of increasing global prices, but Moselhy said that this decision could be revised if costs drop in the coming year.



‘Middle East Green Initiative’ Aims to Launch Projects in Multiple Countries by 2025

A group photo of participants at the Jeddah meeting, which approved the membership of 10 countries (Ministry of Environment)
A group photo of participants at the Jeddah meeting, which approved the membership of 10 countries (Ministry of Environment)
TT

‘Middle East Green Initiative’ Aims to Launch Projects in Multiple Countries by 2025

A group photo of participants at the Jeddah meeting, which approved the membership of 10 countries (Ministry of Environment)
A group photo of participants at the Jeddah meeting, which approved the membership of 10 countries (Ministry of Environment)

Dr. Osama Faqih, head of the executive committee for the “Middle East Green Initiative,” announced plans to launch several qualifying projects in member countries by the end of 2025.

He also stated that the initiative will establish a secretariat and outlined specific criteria for selecting the Secretary-General, who will be approved by the executive committee and the ministerial council.

Faqih outlined the implementation phases of the initiative, starting with a founding team of 16 regional countries and an executive committee of 20 founding states. This committee will establish the governance for the initiative, as projects will be based in member countries.

Speaking to Asharq Al-Awsat, Faqih explained that funding will come from regional and international countries, the private sector, and various financial institutions, according to the initiative’s charter.

He noted that Crown Prince Mohammed bin Salman announced a donation during the second summit of the Middle East Initiative in Sharm El Sheikh, Egypt, held alongside the Climate Conference. The secretariat will be located in Riyadh.

Membership in the initiative is divided into two categories: regional countries, which include Central and Southwestern Asia, North Africa, and sub-Saharan Africa, can host projects and contribute to achieving the initiative's goals. Non-regional countries can also join to support financial and technical funding.

The initiative prioritizes land rehabilitation, with Faqih highlighting the global challenges of land degradation and desertification.

He noted that over 99% of the world’s calories and about 95% of food come from land, making these issues critical for food security. The initiative aims to rehabilitate 200 million hectares of land in member countries, providing significant environmental, economic, and social benefits, such as carbon storage, vegetation growth, food security, and social welfare.

Faqih’s comments followed the first session of the ministerial council for the “Middle East Green Initiative,” held in Jeddah, Saudi Arabia.

The council welcomed ten regional countries and one non-regional country, the United Kingdom, as an observer.

They also set ambitious national policies and targets for vegetation development, agreeing on a governance structure that includes 32 elements covering the organizational framework, secretariat, project types, submission mechanisms, evaluation criteria, and funding processes.

Saudi Minister of Environment, Water, and Agriculture Abdulrahman Al-Fadley, who chaired the session, emphasized the need for regional cooperation to enhance vegetation development and address environmental challenges, particularly desertification and limited greenery in the region.

He indicated that the meeting marks a shift to the implementation phase, urging all member countries, both regional and non-regional, to join and actively participate in the initiative and its trust fund.