Egypt signs 500-mln-USD financing deal with UAE to import wheat

STORY: Egypt signs 500-mln-USD financing deal with UAE to import wheat DATELINE: Aug. 16, 2023 LENGTH: 00:00:51 LOCATION: Cairo CATEGORY: ECONOMY SHOTLIST: 1. various of shots of wheat at an Egyptian port STORYLINE: The Egyptian Ministry of Finance on Tuesday signed a 500-mln-U.S. dollar five-year financing agreement with the Abu Dhabi Exports Office (ADEX) of the United Arab Emirates (UAE) to finance wheat imports, the ministry said in a statement. "This is the first deal signed with ADEX, a financial arm of the Abu Dhabi Fund for Development (ADFD), in light of the two countries' strong relations and the joint cooperation for promoting development and boosting food security," the statement quoted Egyptian Minister of International Cooperation Rania Al-Mashat as saying. The funds will be disbursed in five tranches, each valued at 100 million dollars, she added. Noting that food security is a vital issue and a matter of national security, Al-Mashat said Egypt has enough wheat reserves for five months' c