Egypt is in talks for Emirati funding with an Abu Dhabi-based bank that would support in financing wheat purchases from Kazakhstan, according to three traders told Reuters on Thursday.
The North African country is seeking a cheap alternative to grain from Russia, which has supplied an increasing share of Egypt’s wheat since last year, the traders further mentioned.
Egypt has imported about 2.140 million tons of wheat during the current fiscal year, the state grain buyer, the General Authority for Supply Commodities (GASC) told Amwal Al Ghad Magazine.
It worth mentioning that the Egyptian government recently signed a $500 million loan agreement with the Abu Dhabi Exports Office (ADEX) to buy imported wheat from UAE-based agribusiness Al Dahra.
