{"id":588823,"date":"2023-06-18T00:00:00","date_gmt":"2023-06-18T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/18\/we-could-pay-for-potential-credit-line-from-india-using-fertilizer-and-gas-report\/"},"modified":"2023-06-18T00:00:00","modified_gmt":"2023-06-18T00:00:00","slug":"we-could-pay-for-potential-credit-line-from-india-using-fertilizer-and-gas-report","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/18\/we-could-pay-for-potential-credit-line-from-india-using-fertilizer-and-gas-report\/","title":{"rendered":"We could pay for potential credit line from India using fertilizer and gas -report"},"content":{"rendered":"

<\/span>Barter + non-USD trade on the negotiation table with India:<\/span> Egypt could start <\/span>bartering goods such as fertilizer and natural gas with India under a wider set of trade arrangements expected to be announced when Indian PM Narendra Modi visits Egypt later this month, <\/span>Reuters<\/a><\/span> reports, citing sources it says are familiar with the matter. <\/span><\/p>\n

Talks of a credit line continue:<\/span> The proposal is part of a wider deal that could see New Delhi extend a credit line worth \u201cseveral bn USD\u201d to help Egypt pay for imports. \u201cThe agreement would allow Egypt to make purchases in INR and bartering is being considered as a means to settle this debt through the sale of Egyptian products that might be of use for India,\u201d one of the newswire\u2019s sources reportedly said. <\/span><\/p>\n

This isn\u2019t the first we\u2019ve heard about a proposed credit line:<\/span>Reports of the credit line<\/a><\/span> surfaced earlier this month when Bloomberg quoted Supply Minister Ali El Moselhy as saying that India would provide us with a loan of unspecified value. The minister later told Reuters that \u201cnothing of the sort has been implemented.\u201d <\/span><\/p>\n

Wheat not part of the plan? <\/span>While Egypt has expressed interest in using the facility to import wheat \u2014 among other supplies \u2014 from India, the country's wheat export ban makes this an unlikely trade, an Indian official told Reuters. India \u2014 the world\u2019s second largest wheat producer \u2014 banned wheat exports in May 2022 to help rein in local prices. <\/span><\/p>\n

It\u2019s all still up in the air:<\/span> \u201cIt\u2019s a negotiation. Which companies will be involved and in which commodities? All of that is still in discussion,\u201d El Moselhy told Reuters. \u201cThere are a lot of discussions but up until now the model is not defined.\u201d<\/span><\/p>\n

A lifeline amid an FX crunch:<\/span>The agreement would allow Egypt to pay for imports from India without needing hard currency. The prolonged FX shortage triggered by the war in Ukraine and tighter US <\/span>monetary policy<\/a><\/span> has made it harder for the government to pay for imports. The supply minister and traders <\/span>told Reuters last month<\/a><\/span> that the crisis had forced state grains supplier GASC to delay opening letters of credit to pay for wheat imports.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

The FX crunch is making it harder for Egypt to pay for imports of key commodities<\/p>\n","protected":false},"author":1,"featured_media":588824,"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":[317,104,6551,72,2234],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-588823","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-commodities","tag-commodities","tag-economy","tag-egypt-india-relations","tag-enterpriseam","tag-foreign-exchange","wpautop","entry"],"acf":{"mongo_id":"6a703911-afe0-49ab-be89-b88e6fe34709","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/6\/822.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egypt could pay for potential India credit line with goods -report","related_issue":[588816],"teaser":"The FX crunch is making it harder for Egypt to pay for imports of key commodities","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/6\/.9284bffe-8327-4d53-8dc2-42621aec154c.mp3"},"yoast_head":"\nWe could pay for potential credit line from India using fertilizer and gas -report - 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Egypt\u2019s purchases of Indian tea are up from the 3.4 mn kg bought in the first 11 months of 2016. \u201cIndia, the world\u2019s second-biggest tea producer,\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":546692,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/25\/were-getting-another-usd-3-bn-for-wheat-imports-from-the-itfc\/","url_meta":{"origin":588823,"position":2},"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":[]},{"id":560555,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/03\/also-on-our-radar-on-3-march-2021\/","url_meta":{"origin":588823,"position":3},"title":"Also on our radar on 3 March 2021","author":"enterpriseam admin","date":"3 March 2021","format":false,"excerpt":"Fertilizer export tariffs raised amid commodities boom: The Trade Ministry has raised the duty imposed on nitrogen fertilizer exports as it looks to secure local supply amid rising global prices. Fertilizer companies will now pay EGP 600 to export a ton of fertilizer, up from EGP 550 , the ministry\u2026","rel":"","context":"In "Also on our Radar"","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":632122,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/02\/04\/iitfc-opens-usd-400-mn-credit-line-for-egypt\/","url_meta":{"origin":588823,"position":4},"title":"IITFC opens USD 400 mn credit line for Egypt","author":"enterpriseam admin","date":"4 February 2018","format":false,"excerpt":"The International Islamic Trade Finance Corporation (IITFC) opened a USD 400 mn credit line for Egypt to buy petroleum products as part of the final tranche of a USD 3 bn financing agreement signed in 2015, CEO Hani Sonbol told Reuters on Thursday. The IITFC will begin implementing a new\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":604725,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/12\/11\/itfc-to-give-egypt-another-usd-3-bn-for-essential-imports-before-end-2019\/","url_meta":{"origin":588823,"position":5},"title":"ITFC to give Egypt another USD 3 bn for essential imports before end-2019","author":"enterpriseam admin","date":"11 December 2018","format":false,"excerpt":"Egypt lands USD 3 bn to help finance essential imports: The International Islamic Trade Finance Corporation (ITFC) will lend Egypt USD 3 bn before the end of next year to be used for imports of petroleum derivatives and basic commodities, ITFC CEO Hani Sonbol told Al Mal. 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