Egypt to buy wheat from local farmers at average global price

CAIRO: Egypt will start buying wheat from local farmers at the average global price starting next season, the cabinet said in a statement on Thursday.

The government will also begin directly subsidising wheat farmers by granting each of them 1,300 Egyptian pounds ($ 161.89) per feddan, the statement said. Egypt will continue to subsidise sugar farmers at 400 Egyptian pounds per tonne.

($ 1 = 8.0300 Egyptian pounds)