Egypt’s Mostakbal Misr says it has settled with traders for wheat stuck in ports

delays in opening letters of credit for state-owned buyer Mostakbal. Market participants estimated that about 200,000 tonnes of grain remained unpaid. The ship downtime disrupted the operating schedule of Egyptian terminals and caused additional costs for shipowners. “Payment issues for a number of wheat shipments held up at Egyptian ports were resolved promptly. As of Wednesday evening, the issue has been resolved, and the unloading of the vessels is already gradually underway,” Mostakbal Misr said. The agency clarified that the delay was due to new requirements from the Central Bank of Egypt, which has tightened procedures for checking letters of credit and controlling the origin of imported goods. “Although Mostakbal Misr was not involved in the delay itself, we promptly interacted with the central bank and suppliers to quickly resolve this issue,” Mostakbal Misr added. Two of the traders interviewed by Latifundist.com said that they had not yet received payments, but the ...