By Sarah El Safty and Michael Hogan CAIRO (Reuters) - Egypt is in talks with an Abu Dhabi-based bank for a loan facility that would finance wheat ...
By Sarah El Safty and Michael Hogan CAIRO - Egypt is in talks with an Abu Dhabi-based bank for a loan facility that would finance wheat purchases from Kazakhstan, three traders told Reuters.By Sarah El Safty and Michael Hogan
Egypt is a top buyer of wheat globally that has been trying to reduce its import bill as it grapples with a foreign currency shortage that caused it to defer wheat payments. But they also cast doubt on the potential deal, saying that shipping wheat from Kazakhstan would be logistically challenging, requiring overland deliveries through other countries.The unofficial price floor has proven a hindrance for both GASC and for Russian wheat suppliers who had upped sales of relatively cheap Russian grain to Egypt since the war in Ukraine broke out early last year.
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