Egypt seeks $400M funding from UAE to purchase wheat

Updated 7/24/2023 8:49:00 AM
Egypt seeks $400M funding from UAE to purchase wheat

Arab Finance: Egypt is in talks with the Abu Dhabi Fund for Development (ADFD) to secure $400 million in funding to buy wheat, Minister of Supply and Internal Trade Ali Moselhy told Bloomberg on July 20th.

The funding will be divided into three tranches of $100 million each.

“We are not pleased with the Russian withdrawal from the UN grain-export deal,” Moselhy said.

Moselhy did not disclose when the two countries would yield a final consensus regarding the funding.

Grain price increases have hammered Egypt's economy since Russia invaded Ukraine last year.

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