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Egypt expects to start buying UAE-financed wheat in January
The agreement will provide $100 million worth of milling wheat every year for five years
Photo: Reuters
Egypt expects to begin reaping the benefits of an Abu Dhabi-financed deal to buy $500 million of imported wheat in January, supply minister Ali Moselhy said on Sunday.
The deal with UAE-based agribusiness Al Dahra and the Abu Dhabi Exports Office (ADEX) is awaiting parliamentary approval, which is expected by November, he said.
The purchases will be made through the General Authority for Supply Commodities' usual competitive tender process, Moselhy said.
The agreement will provide $100 million worth of milling wheat every year for five years.
Egypt, a major buyer of basic commodities, has been suffering a foreign currency crunch since the Ukraine war delivered a broad shock to its economy.
The country started deferring payments for wheat imports and has been facing an increasingly difficult task raising cash for foreign debt repayments.
Al Dahra already provides Egypt with locally produced wheat at a government-set procurement price.
Egypt has strategic wheat reserves sufficient for 4.7 months and vegetable oil reserves for 3.9 months, the minister added.
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