Cairo – Mubasher: The Egyptian Commodities Exchange Company is set to commence operations in July 2020, with a capital of EGP 100 million, Egypt’s supply minister Ali El Moselhi stated on Wednesday.

The company will be incorporated under the decree of the Egyptian Cabinet and the applicable commercial laws, El Moselhi added.

The minister said that Egypt’s prime minister issued a decree incorporating the Egyptian Commodities Exchange Company in collaboration with a set of government bodies.

In January, head of the Egyptian Internal Trade Development Authority (ITDA) Ibrahim Ashmawy told Mubasher that the first trading transaction of strategic commodities on the new exchange is expected to take place by the end of 2020.