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Egypt, UAE Sign $500m Programme to Finance Wheat Imports for 5 Years

Egypt’s Ministries of International Cooperation and Finance, and the General Authority for Supply Commodities (GASC) signed with the Abu Dhabi Exports Office (ADEX), affiliated to the Abu Dhabi Fund for Development, a financing programme agreement. The roundabout is worth $100m for a period of five years, with a total of $500m, with the aim of financing wheat imports. The agreement is the first of its kind with the ADEX of the Abu Dhabi Fund for Development.

The signing events were held at the headquarters of the Ministry of International Cooperation in the New Administrative Capital.

Minister of International Cooperation Rania Al-Mashat explained that the new agreement reflects the keenness to enhance economic integration and advance joint development efforts, explaining that through revolving financing, the needs of the local market for wheat will be met in light of the procedures that are being taken by the Egyptian state to enhance food security through soft development funds.

Al-Mashat highlighted the development cooperation relations with the Abu Dhabi Fund for Development, which began in 1971 and resulted in the financing of more than 20 projects worth AED 4bn in various priority sectors that benefit the citizen, especially in the sectors of water, health, housing, transportation and agricultural development.

The UAE supported the inauguration of 25 silos in 17 governorates to increase the storage capacity of wheat by 1.5 million tonnes, adding that the coming period will witness discussions on more future areas of cooperation in light of Egypt’s development priorities and the implementation of Egypt’s Vision 2030.

For his part, Minister of Finance Mohamed Maait noted that government of Egypt’s commitment to enhance cooperation with regional and international development partners. 

He added that we look forward to consolidating development cooperation with the Abu Dhabi Fund for Development to support development in Egypt, towards economic and social development, providing a decent life for citizens, effectively contributing to improving their standard of living, and upgrading the services provided to them.

Minister of Supply and Internal Trade Ali El-Moselhi, said: “Today’s agreement builds on the existing relations and partnership between the UAE and the Ministry’s side to implement a project to increase storage capacities for wheat by about 1.5 million tonnes through the construction of 25 silos.

Mohamed Saif Al Suwaidi, Director General of the Abu Dhabi Fund for Development, said: “The partnership between the Abu Dhabi Office for Exports, the General Authority for Supply Commodities and Al Dahra Agricultural Company will contribute to strengthening the strategic stock of grain and providing sufficient quantities of agricultural crops to meet the Egyptian market’s need for these basic commodities. The Abu Dhabi Office for Exports will work through this agreement to provide credit facilities that enhance the presence of UAE export companies in regional and global markets, which contributes to diversifying the UAE’s economy and increasing its growth opportunities.”

Source: Daily News Egypt

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