Egyptian-UAE talks to finance wheat purchases from Kazakhstan

Egypt is in talks with a bank based in the emirate of Abu Dhabi in the United Arab Emirates, to obtain a loan facility to finance wheat purchases from the state of Kazakhstan, according to Reuters.

Reuters, citing unnamed sources, added that the move could give Egypt a cheap alternative to grain.

The Egyptian Minister of supply and internal trade, Ali al-Moselhi, thanked the United Arab Emirates for providing Egypt with 100 million dollars a year to buy wheat for 5 years.

The agreement of the revolving financing program worth USD 100 million for a period of five years with a total of USD 500 million was signed earlier, with the aim of financing wheat imports, and the agreement is the first cooperation of its kind between Egypt and the Abu Dhabi Export Office of the Abu Dhabi Fund for development.

Earlier, the port of Damietta received 11 ships, while 15 ships left, as the total number of vessels at the port reached 33 ships, including the Princess FAYZAH, which flies the Barbados flag and has a length of 169 m and a width of 27 m coming from Russia with an estimated cargo of 26,525 tons of wheat for the private sector, this comes as confirmation of the readiness of Damietta port facilities to receive wheat tankers.