{"id":588376,"date":"2023-06-11T00:00:00","date_gmt":"2023-06-11T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/11\/another-usd-700-mn-in-wheat-finance-from-the-itfc\/"},"modified":"2023-06-11T00:00:00","modified_gmt":"2023-06-11T00:00:00","slug":"another-usd-700-mn-in-wheat-finance-from-the-itfc","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/11\/another-usd-700-mn-in-wheat-finance-from-the-itfc\/","title":{"rendered":"Another USD 700 mn in wheat finance from the ITFC"},"content":{"rendered":"

More wheat money from the ITFC: <\/span>The International Islamic Trade Finance<\/span> Corporation (IFTC) this week agreed to extend the country USD 700 mn to fund grain imports, <\/span>Asharq Business<\/a><\/span> quotes<\/span> Supply Minister Ali El Moselhy as saying. <\/span><\/p>\n

Not entirely new money: <\/span>The funding is part of the <\/span>USD 1.5 bn financing agreement<\/a><\/span>the government <\/span>agreed with the ITFC back in January to fund energy and basic commodities imports. The lender has long helped finance our essential imports, with the latest agreement coming under the ITFC\u2019s 2018 credit agreement with Egypt, which it last year extended to a possible USD 6 bn from USD 3 bn and renewed for another five years. <\/span><\/p>\n

Gov\u2019t says its not struggling to pay for wheat imports:<\/span> The government has n<\/span>ot asked to reschedule payments to any wheat suppliers nor has it missed any payments, Assistant Supply Minister Ibrahim Ashmawy said during an interview with Lamees Hadidi on Kelma Akhira last night (<\/span>watch, runtime: 12:33<\/a><\/span>). <\/span><\/p>\n

The Russian grain we booked last week might end up coming from elsewhere:<\/span>Russian wheat ex<\/span>porter Agric SA is \u201ccommitted\u201d to fulfilling its offer to ship <\/span>55k tons of wheat<\/a><\/span> but may look into sourcing the grain from somewhere other than Russia, El Moselhy reportedly said. <\/span>Bloomberg<\/a><\/span> on Thursday reported that Agric was<\/span>looking to withdraw its successful bid in last week\u2019s wheat tender after Moscow objected to the USD 229 \/ ton price, <\/span>Bloomberg<\/a><\/span> reports, citing anonymous sources. The supplier had offered to ship <\/span>55k tons of wheat<\/a><\/span> for USD 229 per ton but reversed course after failing to get approval from Russia\u2019s agriculture ministry, which wants to enforce a <\/span>minimum USD 240 per-ton price<\/a><\/span>, the people said. In response, GASC has reportedly threatened to keep hold of the USD 400k guarantee if Agric doesn\u2019t deliver the grain.<\/span><\/p>\n

Progress on our four new grain warehouses: <\/span>Moselhy was speaking at a ceremony to <\/span>mark the start of work on the <\/span>first of four strategic warehouses<\/a><\/span>for grain and other basic commodity storage. The Suez warehouse will cost some EGP 1.5 bn to build \u2014 up from an initial EGP 1 bn estimate \u2014 and will be up and running in the next 18-24 months, <\/span>Moselhy said<\/a><\/span>. The government has signed EGP 4 bn worth of contracts with our friends at Hassan Allam Utilities (HAU), Orascom Construction, and Samcrete to set up the four warehouses, with the remaining three to be located in <\/span>Sharqia, Luxor and Fayoum. <\/span><\/p>\n

Local wheat buys on track: <\/span>The government has so far procured some 3.4 mn<\/span> tons of wheat from local farmers this harvest season, according to a Supply Ministry <\/span>statement<\/a><\/span> yesterday. The statement came after <\/span>Reuters<\/a><\/span> reported that Egypt could miss <\/span>its target to procure 4 mn tons<\/a><\/span> of local wheat this season, citing an anonymous government source as saying that the government had bought less than <\/span>3.2 mn tons so far this year<\/span>. <\/span><\/p>\n

Strategic reserves of wheat currently stand at 5.9 months<\/span>, Moselhy reportedly <\/span>said <\/span>yesterday \u2013 up from <\/span>2.6 months\u2019 worth<\/a><\/span> at the end of April. The local wheat harvest runs from the beginning of April to <\/span>August<\/span>.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

The country has nearly 6 months\u2019 worth of wheat in reserve<\/p>\n","protected":false},"author":1,"featured_media":588377,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7305],"tags":[317,88,72,550,845,563],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-588376","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-commodities","tag-commodities","tag-debt-watch","tag-enterpriseam","tag-gasc","tag-international-islamic-trade-finance-corporation","tag-wheat","wpautop","entry"],"acf":{"mongo_id":"336a4c86-a2ae-407a-81f8-2cac9f9fd4dd","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/6\/490.jpg","photo_position":"below","homepage_title":"","full_issue_title":"ITFC to provide USD 700 mn for Egypt\u2019s grain imports. PLUS: Agric could source wheat from outside Russia for Egypt tender + Local harvest on track to meet 2023 target","related_issue":[588360],"teaser":"The country has nearly 6 months\u2019 worth of wheat in reserve","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/6\/.56713367-0987-43a3-a09b-c3a97f7407c9.mp3"},"yoast_head":"\nAnother USD 700 mn in wheat finance from the ITFC - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2023\/06\/11\/another-usd-700-mn-in-wheat-finance-from-the-itfc\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Another USD 700 mn in wheat finance from the ITFC\" \/>\n<meta property=\"og:description\" content=\"The country has nearly 6 months\u2019 worth of wheat in reserve\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2023\/06\/11\/another-usd-700-mn-in-wheat-finance-from-the-itfc\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2023-06-11T00:00:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2023\/6\/490.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/06\/11\/another-usd-700-mn-in-wheat-finance-from-the-itfc\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/06\/11\/another-usd-700-mn-in-wheat-finance-from-the-itfc\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Another USD 700 mn in wheat finance from the ITFC\",\"datePublished\":\"2023-06-11T00:00:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/06\/11\/another-usd-700-mn-in-wheat-finance-from-the-itfc\/\"},\"wordCount\":509,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/06\/11\/another-usd-700-mn-in-wheat-finance-from-the-itfc\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2023\/6\/490.jpg?fit=%2C&ssl=1\",\"keywords\":[\"commodities\",\"debt watch\",\"EnterpriseAM\",\"GASC\",\"International Islamic Trade Finance Corporation\",\"wheat\"],\"articleSection\":[\"Commodities\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/06\/11\/another-usd-700-mn-in-wheat-finance-from-the-itfc\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2023\/06\/11\/another-usd-700-mn-in-wheat-finance-from-the-itfc\/\",\"name\":\"Another USD 700 mn in wheat finance from the ITFC - 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State grain buyer GASC secured last month USD 1\u2026","rel":"","context":"In "Basic Materials + Commodities"","block_context":{"text":"Basic Materials + Commodities","link":"https:\/\/enterpriseam.com\/egypt\/category\/basic-materials-commodities\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":543749,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/16\/egypt-signs-usd-1-5-bn-funding-agreement-for-basic-imports-with-itfc\/","url_meta":{"origin":588376,"position":1},"title":"Egypt signs USD 1.5 bn funding agreement for basic imports with ITFC","author":"enterpriseam admin","date":"16 February 2022","format":false,"excerpt":"The ITFC is lending us another USD 1.5 bn for petroleum + commodities imports: Egypt has signed a fresh USD 1.5 bn financing agreement with the International Islamic Trade Finance Corporation (ITFC) to fund imports of petroleum and basic commodities, ITFC CEO Hani Sonbol told Bloomberg Asharq. The agreement earmarks\u2026","rel":"","context":"In "Development finance"","block_context":{"text":"Development finance","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/development-finance\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/2\/220.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":579035,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/23\/another-usd-1-5-bn-from-the-itfc-for-energy-and-commodities-imports\/","url_meta":{"origin":588376,"position":2},"title":"Another USD 1.5 bn from the ITFC for energy and commodities imports","author":"enterpriseam admin","date":"23 January 2023","format":false,"excerpt":"More imports money from the ITFC: The government has signed a fresh USD 1.5 bn financing agreement with the International Islamic Trade Finance Corporation (ITFC) to fund energy and basic commodities imports, according to a tweet by CNBC Arabia citing ITFC CEO Hani Sonbol. Sonbol yesterday met with the planning\u2026","rel":"","context":"In "Development finance"","block_context":{"text":"Development finance","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/development-finance\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/1\/387.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":546970,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/05\/were-closing-in-on-usd-3-5-bn-from-the-itfc-world-bank-to-help-with-food-and-energy\/","url_meta":{"origin":588376,"position":3},"title":"We\u2019re closing in on USD 3.5 bn from the ITFC + World Bank to help with food and energy","author":"enterpriseam admin","date":"5 June 2022","format":false,"excerpt":"Egypt is finalizing some USD 3.5 bn in fresh financing from multilateral lenders to shore up food and energy security amid ongoing disruptions to global markets. First up: We\u2019re getting that USD 3 bn from the ITFC. The International Islamic Trade Finance Corporation (ITFC) has raised the ceiling for its\u2026","rel":"","context":"In "Commodities"","block_context":{"text":"Commodities","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/commodities\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/6\/131.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":543575,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/08\/more-financing-from-itfc-could-be-coming-our-way-in-february\/","url_meta":{"origin":588376,"position":4},"title":"More financing from ITFC could be coming our way in February","author":"enterpriseam admin","date":"8 February 2022","format":false,"excerpt":"The Madbouly government plans to finalize as early as this month a new financing program for 2022 with the International Islamic Trade Finance Corporation (ITFC), the Planning Ministry said yesterday in a statement, adding that part of the funding will go towards supporting micro, small, and medium-sized enterprises. The statement\u2026","rel":"","context":"In "Development finance"","block_context":{"text":"Development finance","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/development-finance\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/2\/96.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":546692,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/25\/were-getting-another-usd-3-bn-for-wheat-imports-from-the-itfc\/","url_meta":{"origin":588376,"position":5},"title":"We\u2019re getting another USD 3 bn for wheat imports from the ITFC","author":"enterpriseam admin","date":"25 May 2022","format":false,"excerpt":"We\u2019re getting an additional USD 3 bn from ITFC to help us through the commodities crunch: The International Islamic Trade Finance Corporation (ITFC) has raised the ceiling for its financing agreement with Egypt to USD 6 bn from USD 3 bn, Supply Minister Ali El Moselhy told Al Hekaya\u2019s Amr\u2026","rel":"","context":"In "Commodities"","block_context":{"text":"Commodities","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/commodities\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/5\/333.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/588376","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=588376"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/588376\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/588360"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/588377"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=588376"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=588376"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=588376"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=588376"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=588376"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}