Egypt in talks for Emirati funding to buy Kazakh wheat -traders

25/9/2023 18:54

        Egypt is in talks with Abu Dhabi Commercial Bank (ADBC) for a loan facility that would finance wheat purchases from Kazakhstan, according to Egypt's
        Supply Minister on Sunday.
        
        The move could give Egypt a cheap alternative to grain from Russia, which has supplied an increasing share of Egypt's wheat since last year but recently blocked a deal for a purchase below an unofficial price floor for wheat purchases, traders say.
        
        Egypt is a top buyer of wheat globally that has been trying to reduce its import bill as it grapples with a foreign currency shortage that caused it to defer wheat payments.