Egypt Discusses Importing Wheat from Kazakhstan via NBAD

The Egyptian Minister of Supply Ali Al-Moselhi revealed that there are currently discussions taking place with the National Bank of Abu Dhabi (NBAD), with the aim of importing wheat from Kazakhstan.

Al-Moselhi said in press statements on the sidelines of the opening of the Minya wheat field silo in Sharkia Governorate, that the goal of choosing the National Bank of Abu Dhabi in this regard is to have branches of the bank in Kazakhstan, in addition to branches in Cairo.

Al-Moselhi added that Kazakh wheat is approved by the General Authority for Supply Commodities as a source of wheat, stressing that the negotiations are still at their beginning, in addition to that the agreement will be studied by the Egyptian and Emirati Bank sides.

Reuters had previously reported that Egypt was in talks with a bank in Abu Dhabi to obtain a loan facility to finance wheat purchases from Kazakhstan.

He added: This step may give Egypt a cheap alternative to grains coming from Russia, whose share of the wheat that Egypt obtains has been increasing since last year, but which recently rejected a purchase deal for less than an unofficial minimum price for wheat purchases.

Tags: Egypt, Kazakhstan, wheat, imports, National Bank of Abu Dhabi