Egypt obtains large loan from UAE in first cooperation with Abu Dhabi Exports Office

Egypt obtains large loan from UAE in first cooperation with Abu Dhabi Exports Office

The Ministries of International Cooperation, Finance, and the General Authority for Supply Commodities in Egypt signed a new agreement with the Abu Dhabi Exports Office (ADEX), affiliated to the Abu Dhabi Fund for Development – the first of its kind.

A US$100 million revolving financing program agreement was signed for a period of five years, with a total of $500 million, with the aim of financing wheat imports.

The Egyptian Minister of International Cooperation, Rania al-Mashat, stated that the new agreement reflects the depth of strategic relations between Egypt and the UAE, and their keenness to enhance economic integration and advance joint development efforts.

She explained that through revolving financing, the needs of the local market for wheat will be met in light of the measures taken by the government to enhance food security via soft development funds.

Mashat praised 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 AED4 billion in various priority sectors, especially in the sectors of water, health, housing, transportation and agricultural development.

The UAE has funded 25 silos in 17 governorates to increase the storage capacity of wheat by 1.5 million tons, she