Egypt has successfully secured a significant deal worth USD 500 million (EGP 15.4 bln) with the esteemed Abu Dhabi Exports Office (ADEX) to support its vital wheat imports over the course of five years. This agreement will provide a much-needed boost to Egypt’s agricultural sector and ensure that the nation can continue to meet the demands of its populace for this vital staple food.
The deal was secured, in attendance of Minister of International Cooperation, Dr. Rania Al Mashat, following talks with the UAE in July. The funds will be used to pay for imports from both Abu-Dhabi-based agricultural company Al Dahra and ADEX.
The full amount will be dispersed in five installments of USD 100 million (EGP 3 bln) each over five years.
The financing package offered to Egypt by ADEX provides high-quality products at a low price and with a reasonable payment plan, according to Minister of Supply and Internal Trade Ali Al-Moselhy.
Egypt is expected to benefit from the five-year $500 million financing offered by the UAE to supply the country with wheat in January 2024, Asharq Business reported, citing Minister of Supply and Internal Trade Ali Moselhy.
Moselhy further noted that the deal is pending the parliament’s approval, expecting it to be endorsed in November.
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