Egypt: MPs approve framework agreement with UAE to supply wheat worth $500 million

The House of Representatives approved in its general session today, Sunday, the framework agreement between the government and the Abu Dhabi Exports Office (ADEX), affiliated with the Abu Dhabi Fund for Development, worth $500 million, to finance the supply of wheat to the General Authority for Supply Commodities for a period of 5 years. The agreement aims to find the necessary ways and means to ensure close cooperation and coordination of efforts between the government and the Abu Dhabi office in implementing the strategic partnership between the two parties in the field of the revolving financing program, as wheat is provided at a competitive price that suits the Egyptian market, which contributes to reducing the burden of foreign imports on the government. Revolving financing is a financing ceiling granted to finance the needs or purchases of licensed projects classified as small or micro projects from working capital or fixed assets, allowing the amounts paid within it to be ...