Egypt in talks with ADCB to finance wheat purchase : Supply minister

Egypt is in talks with Abu Dhabi Commercial Bank (ADCB) for a loan facility that would fund wheat purchases from Kazakhstan, according to press statements by Ali Moselhi, Egypt’s Supply Minister, on Sunday.

The step could give Egypt a cheaper alternative to grain from Russia, which has supplied an increasing share of Egypt’s wheat since last year, he added

Talks over the loan deal for purchases from Kazakhstan are in early stages, he said adding the Kazakhstan wheat is accredited by  General Authority For Supply Commodities (GASC).