Egypt expands powers of agency responsible for wheat imports

Egypt’s parliament is expected to review a draft law that would significantly expand the powers of the state-run Future of Egypt Authority, which is responsible for wheat imports and strategic economic projects. The legislation would allow the agency to receive additional state assets, land and broader management powers, Reuters reports.

The bill formalises the growing role of the Future of Egypt Authority, which was established in 2017 as a land reclamation project. In 2022, it became an economic agency, and since 2024 it has been managing one of the world’s largest wheat import programmes while also overseeing several major state investment projects.

Under the draft law, the Future of Egypt Authority would become an independent institution with financial, technical and administrative autonomy. Following consultations with the government, Egypt’s president would be able to transfer state assets, shares in state-owned companies and management rights over public property to the agency without parliamentary approval. The bill also proposes the creation of special sustainable development zones with tax and customs incentives, where the agency would be able to establish its own investment and administrative rules.

Another key element of the reform is the establishment of the Future of Egypt Sovereign Fund, which would invest state-designated assets both domestically and internationally while cooperating with foreign sovereign wealth funds. A separate social fund would also be created to finance education, healthcare, housing and infrastructure projects.

In recent years, the Future of Egypt Authority has significantly expanded its activities. In addition to managing wheat imports, the agency has taken control of major lakes and fisheries, become the largest shareholder of the Egyptian Commodities Exchange, and expanded into housing, renewable energy and infant formula production. Last year, the government also assigned the agency to reclaim about 4.5 mln feddans of land, equivalent to nearly half of Egypt’s cultivated area.

If approved by parliament, the legislation would allow the Future of Egypt Authority to manage an even broader portfolio of state assets and economic projects while exempting it from several rules that apply to other public institutions. Analysts believe the reform would further strengthen the agency’s role in Egypt’s agricultural sector, particularly in wheat imports, and across the country’s economy.