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ADEX receives a greenlight for its Egyptian wheat financing transaction: The Abu Dhabi Exports Office (Adex) is finalizing its USD 500 mn wheat financing agreement with the Egyptian General Authority for Supply Commodities (Gasc) after the Egyptian House of Representatives approved the framework agreement between the two parties.
Background: The agreement was inked last year with Emirati agribusiness Al Dahra for the supply of milling wheat. Adex will be funding the wheat supply of Egypt’s Gasc over the next five years through a revolving finance program, with an annual ceiling of USD 100 mn.
ADEX has been active in Egypt: The Emirati authority extended a USD 100 mn revolving loan to the National Bank of Egypt last year to fund imports from the UAE.
Al Dahra has been in business with Egypt for years: The company owns 28k hectares of land in Egypt’s Toshka and East Owaynat and is the biggest private-sector wheat producer in the country. The company has sold more than 180k tons of wheat to the Egyptian government over the past three years, making it Gasc’s largest local private-sector supplier.
