By: Mohammad Mowafy

Cairo – Mubasher: The first trading transaction of strategic commodities on the Egyptian Commodities Exchange (EGYCOMEX) is expected to take place by the end of 2020, head of The Egyptian Internal Trade Development Authority (ITDA) Ibrahim Ashmawy told Mubasher.

A group of strategic commodities will be traded on EGYCOMEX including wheat, rice, sugar, and corn, Ashmawy added.

The top official noted that following a year after the inauguration of EGYCOMEX, other commodities are expected to be added to the exchange, among them iron and cement.

EGYCOMEX will attract investors from the Arab world and the Middle East, in general, Ashmawy said.

Moreover, Ashmawy revealed that he will chair the new commodities exchange.

He added that the coming period will see the selection of storage facilities for EGYCOMEX which will comply with international standards.

Translated by: Muhammad Abdul-Wakeel