Egypt gets additional $3bln in financing from Saudi ITFC to cover wheat imports

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The International Islamic Trade Finance Corporation (ITFC) has doubled the total financing granted to Egypt to cover the country’s imports of wheat to $6 billion, Minister of Supply and Internal Trade Ali El-Moselhi said in an interview with MBC Masr TV channel on May 23rd.

The additional $3 billion amount will help Egypt in dealing with the increasing prices of wheat amid the ongoing Russian-Ukrainian war, El-Moselhi highlighted.

Egypt’s purchases of wheat from abroad do not represent any pressure on the Central Bank of Egypt (CBE) as the ITFC pays and covers the country’s wheat imports, he remarked.

The minister did not mention the time of signing this financing agreement with the ITFC. However, he noted that the agreement also covers Egypt’s oil imports.

Last week, the Egyptian Cabinet Media Center had denied reports regarding a decline in Egypt’s strategic reserves of wheat due to instability in the global food market.

It is worth noting that Egypt is waiting for 300,000-ton wheat cargoes that are still stuck in Ukraine. The shipments were booked by the Egyptian General Authority for Supply Commodities (GASC) and were meant for delivery in February and March.