Supply Min.: Egypt to Begin Buying UAE-financed Wheat in January

Ali Al-Moselhi, Minister of Supply and Internal Trade said that the actual work of the agreement signed by Egypt with the UAE, represented by the Abu Dhabi Fund for Development, is expected to start next January to provide financing of $100 million for a period of five years, with a total of $500 million, with the aim of financing wheat imports and providing wheat for 6 months.

Al-Moselhi stated that the Emirati Agricultural Company, which is supported by the Fund financially, will supply wheat to Egypt.

He explained that Abu Dhabi Exports Office (ADEX) will finance the quantities contracted for after being awarded to a specific company, which gives an advantage to Egypt in relieving pressure on the Commodity Authority to save foreign currency while providing a strategic reserve.

However, the minister indicated in statements that the agreement still needs the approval of the House of Representatives, adding that he expects Parliament to ratify it in November, and that the supply will begin next January.

The Emirati company already supplies the government with locally produced wheat through its Egyptian branch, which cultivates about 70,000 feddans in Egypt.