Egypt has officially sealed a significant deal worth USD 500 million (EGP 15.4 billion) with the Abu Dhabi Exports Office (ADEX), aimed at financing wheat imports over a span of five years.
The announcement was made through a statement by the State Information Service on Tuesday, 15 August.
This collaboration was solidified following productive discussions with the United Arab Emirates (UAE) in July.
The financial resources will be allocated to cover wheat imports from the Abu Dhabi-based agricultural company Al Dahra and ADEX.
The total sum will be disbursed in five separate segments of USD 100 million (EGP3 billion) each, spanning across the course of five years.
According to Ali Al-Moselhy, the Minister of Supply and Internal Trade, ADEX’s financing package assures the supply of premium-quality goods at an economical price point, accompanied by a practical payment plan.
