In Riyadh, Egypt is actively pursuing bank financing to purchase essential commodities and bolster its strategic reserves, aiming to enhance food security amid rising global inflation and supply chain disruptions. During a recent meeting with Egyptian Minister of Supply Sherif Farouk, officials from First Abu Dhabi Bank Egypt explored strengthening partnerships with the private sector and financial institutions to improve internal trade infrastructure and investment opportunities in the food industry. The initiative aligns with Egypt's broader strategy to address food security challenges. This follows Egypt's General Authority for Supply Commodities issuing its largest-ever wheat tender for 3.8 million metric tonnes in August. Farouk stressed the importance of collaborating with financial entities to finance essential imports, enhance strategic reserves, and develop the commodity exchange, including expanding silo construction and storage capacities. The meeting also reviewed FAB Egypt's financing offers and potential projects for improving food security and trade infrastructure. Egypt, a major wheat importer, relies on these imports to subsidize bread for millions of citizens. The General Authority for Supply Commodities is seeking wheat shipments for specific periods from October to April, with a particular focus on February.
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