Egypt: Wheat to Take Less Time to Offload

Maritime Activity Reports, Inc.

June 24, 2015

Egypt's supply minister said on Wednesday a plan was being studied to cut the offloading period for wheat cargoes in ports from the current 12 days to five or six days in an effort to save on fees paid in foreign currency.

The plan includes efforts to decrease the time it takes for paperwork to be processed and upgrade offloading equipment, Khaled Hanafi said in a statement.

A slump in tourism and investment since a popular uprising ended the rule of Hosni Mubarak in 2011 has limited supplies of hard currency in Egypt, the world's largest importer of wheat.

Difficulty in repatriating profits from business activity in Egypt is one of the main obstacles cited by investors since 2011.

To restore foreign exchange liquidity in the long run, Egypt will need sustained economic growth. The draft 2015/2016 budget envisions growth of 5 percent.

Reporting By Maha El Dahan

Maritime Reporter Magazine Cover Mar 2019 - Cruise Shipping

Maritime Reporter and Engineering News’ first edition was published in New York City in 1883 and became our flagship publication in 1939. It is the world’s largest audited circulation magazine serving the global maritime industry, delivering more insightful editorial and news to more industry decision makers than any other source.

Subscribe
Maritime Reporter E-News subscription

Maritime Reporter E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

Subscribe for Maritime Reporter E-News