Egypt Secures $500 Mln Wheat-Import Financing from Abu Dhabi Fund for DevelopmentSource: www.export-egypt.com 8/15/2023, Location: Africa |
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The Ministry of Finance has inked a $500 million five-year financing agreement with the Abu Dhabi Exports Office (ADEX), a financial arm of the Abu Dhabi Fund for Development (ADFD), to finance wheat imports.
The financing will be disbursed in five $100 million tranches, according to a statement released by the Ministry of International Cooperation. The ADFD, which was founded in 1971 as UAE's foreign aid organization, provides concessionary loans to finance initiatives for social and economic development in various countries. According to Minister of International Cooperation Rania Al-Mashat, the fund has financed more than 20 projects in Egypt at a cost of AED 4 billion ($1 billion) in the areas of water, healthcare, housing, transportation, and agricultural development. Al-Mashat noted that the Ministry of Supply and Internal Trade is cooperating with the Abu Dhabi-based Al-Dahra Agricultural Company in the construction of 25 wheat silos in 17 governorates, upgrading storage capacity and cutting down waste by 1.5 million tons. Wheat supply Minister Al-Mashat explained in the statement that local farmers have supplied the government with 3.8 million tons of wheat during this harvest season, which began in April. Egypt has adequate wheat reserves to last five months, she added. According to recent estimates, Egypt imports two-thirds of 18 million tons of wheat which is consumed domestically every year. The country is expected to import 12 million tons of wheat during the current FY 2023/24, which started on 1 July, according to a report by the Food and Agriculture Organization released in July. The General Authority For Supply Commodities (GASC), which oversees imports of basic food supplies, announced in July the signing of an agreement to import 360,000 tons of wheat - with financing from the International Islamic Trade Finance Corporation. |
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