Egypt reconsiders wheat tender system in funding crunch

Funding problems are forcing top world wheat buyer Egypt to consider abandoning its regular public tenders that have been a centrepiece of world grain trade for decades.

Egypt’s state grains buyer General Authority for Supply Commodities, (GASC), is exploring options beyond systematic tenders to secure future needs, banks involved in commodity trade finance for the country said. Imports to the north African country are sharply down this year, with strategic stocks falling as it endures economic and political crisis, but state and private buyers insist they have funds to keep the nation supplied with its staple bread.