Alaa Qenawy, commercial minister and head of the Egyptian Commercial Representation Bureau in Moscow, said Russia has pledged to meet Egypt's needs in wheat through long term deals that extend from three to five years.
In statements to Al-Masry Al-Youm, Qenawy said that Russia is expecting a surplus of wheat this year and added that Egypt's wheat import policy depends on diversifying import countries.
Moscow also wishes to invest in silos, he said. Al-Masry Al-Youm has learned from official sources that Egypt has asked Russia to give grants and aid amounting to US$260 million to build silos.
Russia is also expected to lift a travel ban to Egypt.
The same source said that Egyptian investments in Russia declined after the 25 January revolution from $47.4 million in 2010 to $8.4 million in 2011.
The source also said that Egypt has asked Russia to provide a mining map of Egypt using satellites to determine where natural resources are located. Egypt also requested assistance in utilizing those resources once found.
The source added that some Russian companies have complained about being excluded from natural resource contracts by the Egyptian General Petroleum Corporation and the Electricity Ministry.
The balance of trade between Egypt and Russia amounted to $3.5 billion in 2012, of which $3.2 billion were Russian imports and $341 million were Egyptian exports to Russia.
Edited translation from Al-Masry Al-Youm
