Egypt expects to begin reaping the benefits of an Abu Dhabi-financed deal to buy $500 million of imported wheat in January, supply minister Ali Moselhy said on Sunday. The agreement will provide $100 million worth of milling wheat every year for five years. The country started deferring payments for wheat imports and has been facing an increasingly difficult task raising cash for foreign debt repayments. Al Dahra already provides Egypt with locally produced wheat at a government-set procurement price. Egypt has strategic wheat reserves sufficient for 4.7 months and vegetable oil reserves for 3.9 months, the minister added.

Source: The North Africa Journal August 20, 2023 09:00 UTC