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.