Arab Finance: Egypt is negotiating a loan facility with an Abu Dhabi-based bank to pay for wheat imports from Kazakhstan, three traders told Reuters.
Talks over the loan agreement are still in early stages, focusing on the price and quantity of wheat as well as the loan's overall value, one of the traders said.
The move might provide Egypt with a low-cost wheat alternative to the Russian one.
Recently, Russia has vetoed an Egyptian deal at a price below an unofficial price floor for wheat purchases.