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Thursday, 5 March 2020

Egyptian Commodity Exchange set up with EGP 100 mn in capital

The company that will manage the Egyptian Commodity Exchange is now officially a thing: The company tasked with managing the forthcoming Egyptian Commodity Exchange has been established by the Internal Trade Development Authority (ITDA), the authority’s head Ibrahim Ashmawy told Al Mal. The company has starting capital of EGP 100 mn, which was provided by EFG Hermes, Banque Misr, the National Bank of Egypt, and the Agricultural Bank of Egypt. The company has begun contracting for the exchange’s trading system, and discussions are ongoing about what commodities will be traded when the exchange launches later this year.

The Egyptian Commodity Exchange was approved by the cabinet economic group early this year. A senior source at the Supply Ministry had previously said that would begin trading six commodities — wheat, rice, corn, potatoes, onions, and oranges — in September. The exchange will be managed by a company that is to be 50% owned by the General Authority For Supply Commodities, the Internal Trade Development Authority, the Egyptian Holding Company for Silos and Storage, and the Egyptian Exchange. MCDR, the state Insurance Holding Company, chambers of commerce, government banks, private and investment banks will share a 49% stake. The holder of the remaining 1% stake has not yet been named.

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