Egypt seeks wheat and vegetable oils in direct purchase deals
Egypt is shifting its wheat and vegetable oil procurement strategy by opting for direct purchase agreements, moving away from the tender system previously used by the General Authority for Supply Commodities (GASC). This change, announced by the Mostakbal Misr Agency for Sustainable Development, aligns with its roots in land reclamation projects. Offers are due by November 28, with payments made through 270-day letters of credit.
CAIRO: Egypt plans to secure wheat and vegetable oils through direct purchase agreements, Mostakbal Misr Agency for Sustainable Development said in a statement issued late on Wednesday.
The announcement signals a shift in procurement strategy, diverging from the tender system used by the General Authority for Supply Commodities (GASC), Egypt’s primary state buyer of essential commodities.
Historically, GASC has relied on a tendering system, with direct purchases a rare occurrence.
The Mostakbal Misr Agency, founded in 2022 by presidential decree, has roots in land reclamation projects dating back to 2017.
Mostakbal Misr said the deadline for offers is Nov. 28.
Offers are expected on CIF basis. Payment is at sight using 270-day letters of credit.
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Source Link : Business Recorder
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