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