Egypt Expects to Tap UAE Wheat Financing Deal in January

(Bloomberg) -- Egypt expects to begin making use of a five-year, $500 million financing deal provided by the United Arab Emirates to fund wheat imports in January, Supply Minister Ali El-Mosilhy said.

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The agreement, announced earlier in August, still needs parliamentary approval that’s expected to be secured in November, El-Mosilhy told reporters on Sunday.

The UAE’s Al Dahra Agriculture will be allowed to offer imported wheat to Egypt by participating in the international tenders the government routinely holds, El-Mosilhy said. Payment for those imports will be through the funding the Gulf nation has made available, he added.

Read More: Egypt Signs $500M Deal for Wheat Import Financing With UAE

The minister also said wheat stocks are enough to cover 4.7 months of local consumption, while vegetable oil stocks are sufficient for 3.9 months and sugar stocks are enough until April.

(Updates with additional details in new third paragraph.)

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