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

Published 2024년 12월 15일

Tridge summary

The House of Representatives in the US has approved a $500 million agreement between the government and the Abu Dhabi Exports Office (ADEX) to supply wheat to the General Authority for Supply Commodities in Egypt for the next five years. The agreement is part of a strategic partnership aimed at providing competitive pricing and reducing the government's burden from foreign imports. It also includes a revolving financing program of up to $100 million annually, renewable for five years, to help finance wheat purchases. The financing program provides flexibility in repayment periods and is expected to provide wheat at stable financial terms without exceeding the budgeted quantities. This agreement continues a previous partnership between Egypt and the UAE, which includes the construction of silos to store wheat worth over one billion and a quarter pounds.

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Original content

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 ...

Source: Almalnews