Egypt: Parliament approves $500M financing deal with Abu Dhabi Exports Office to support wheat imports

The Egyptian House of Representatives officially approved on Dec.15 a key financing agreement between the Egyptian Government and the Abu Dhabi Exports Office (ADEX). This agreement aims to support Egypt’s wheat imports through the General Authority for Supply Commodities (GASC), ensuring a reliable supply of wheat for the country.

The framework outlined in the agreement provides a $100 million annual revolving financing facility, which will be in place for five years, amounting to a total of $500 million. ADEX, a subsidiary of the Abu Dhabi Fund for Development, will facilitate this significant funding, which is intended to bolster Egypt’s ability to secure wheat supplies and mitigate potential shortages.

Mohamed Suleiman, Chairman of the Economic Affairs Committee in the House of Representatives, highlighted the importance of this agreement in maintaining a steady and affordable wheat supply for GASC. He emphasized that this deal enables Egypt to procure wheat at more competitive prices and will help alleviate the financial pressure placed on the Egyptian government by the rising cost of external wheat imports.

Hesham Al-Hosary, Chairman of the Agriculture and Irrigation Committee, also praised the agreement for its positive impact on Egypt’s strategic wheat reserves. He stressed that ensuring food security is not just an economic issue, but a key element of national security.