Egypt, UAE Sign Deal Worth Dlrs 500 Million to Fund Wheat Supplies for Five YearsSource: www.export-egypt.com 8/15/2023, Location: Africa |
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The Ministry of International Cooperation and the General Authority for Supply Commodities (GASC) signed a deal worth dlrs 500 million with UAE-based agribusiness Al Dahra and Abu Dhabi Exports Office (ADEX) to supply wheat to Egypt.
The five-year agreement, worth $100 million per year, will provide Egypt with a steady supply of high-quality imported milling wheat. The signing ceremony was held at the International Cooperation Ministry in the New Administrative Capital. Minister of International Cooperation Rania El Mashat signed the framework deal, while Minister of Finance Mohamed Maait signed the guarantee deal. Mashat said the new agreement reflects the depth of strategic relations between Egypt and the UAE and their keenness on enhancing economic integration and pushing forward joint development plans. She praised the development cooperation with Abu Dhabi Development Fund, which has started in 1971, resulting in the funding of more than 20 projects worth 4 billion (UAEdirham) in the various sectors of benefit to citizens, especially water, health, housing, transport and agricultural development. This agreement solidifies our commitment in establishing long term supply deals with key producers across the world, so that the people of Egypt have access to essential food supplies and strengthening our food grain supply chain buffer to withstand any unexpected shocks in the global markets, said Minister of Supply and Internal Trade Ali Al-Moselhy. The low-cost financing package from ADEX helps us procure high quality wheat at the lowest cost financing available, with comfortable payment terms, he added. |
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