UAE-based agribusiness Al Dahra and the Abu Dhabi Exports Office (ADEX) signed a $500 million deal to supply Egypt with wheat, a statement said on Monday.
"The low-cost financing package from ADEX helps us procure high quality wheat at the lowest cost financing available, with comfortable payment terms," Egypt's supply minister Ali Moselhy said in a statement.Many recent wheat purchases have been made with loans from the International Islamic Trade Finance Corporation , which last year doubled a credit facility extended to Egypt to $6 billion, and from the World Bank, which funded wheat imports earlier this year.
The finance ministry said funding for subsidies on food, mostly bread, will rise 41.9% to 127.7 billion Egyptian pounds in the fiscal year from July 2023 to June 2024.The Emirati company already supplies the government with locally produced wheat via its Egyptian subsidiary, which farms 28,000 hectares in Egypt.Reporting By Sarah El Safty; Writing by Moaz Abd-Alaziz; Editing by Sonali Paul
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