{"id":600218,"date":"2019-01-22T04:13:24","date_gmt":"2019-01-22T04:13:24","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/01\/22\/gasc-to-change-payment-terms-to-at-sight-lcs-for-egypts-wheat-tenders\/"},"modified":"2019-01-22T04:13:24","modified_gmt":"2019-01-22T04:13:24","slug":"gasc-to-change-payment-terms-to-at-sight-lcs-for-egypts-wheat-tenders","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/01\/22\/gasc-to-change-payment-terms-to-at-sight-lcs-for-egypts-wheat-tenders\/","title":{"rendered":"GASC to change payment terms to at-sight LCs for Egypt\u2019s wheat tenders"},"content":{"rendered":"

The General Authority for Supply Commodities (GASC) will begin using at-sight letters of credit (LCs) for upcoming wheat tenders, assuring payments to suppliers as soon as they submit the necessary documents, according to Reuters<\/a>. The state grain buyer had been relying on 180-day \u201cusance letters of credit<\/a>\u201d for all previous purchases. Usance, or deferred, LCs \u2014 as opposed to at-sight LCs \u2014 add an extra layer of a 180-day period from the shipping date. The new payment terms are expected to lead to between USD 5-6 in savings per tonne.<\/p>\n","protected":false},"excerpt":{"rendered":"

The General Authority for Supply Commodities (GASC) will begin using at-sight letters of credit (LCs) for upcoming wheat tenders, assuring payments to suppliers as soon as they submit the necessary documents, according to Reuters. The state grain buyer had been relying on 180-day \u201cusance letters of credit\u201d for all previous purchases. Usance, or deferred, LCs […]<\/p>\n","protected":false},"author":1,"featured_media":0,"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":[9309],"tags":[2416,317,72,2417,132],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-600218","post","type-post","status-publish","format-standard","hentry","category-basic-materials-commodities","tag-basic-materials-commodities","tag-commodities","tag-enterpriseam","tag-general-authority-for-supply-commodities","tag-trade","wpautop","entry"],"acf":{"mongo_id":"1d503b67-5388-48ab-87a4-bd2ce7ec338d","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[600188],"teaser":"","voice_url":""},"yoast_head":"\nGASC to change payment terms to at-sight LCs for Egypt\u2019s wheat tenders - 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\/2019\/01\/22\/gasc-to-change-payment-terms-to-at-sight-lcs-for-egypts-wheat-tenders\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"GASC to change payment terms to at-sight LCs for Egypt\u2019s wheat tenders\" \/>\n<meta property=\"og:description\" content=\"The General Authority for Supply Commodities (GASC) will begin using at-sight letters of credit (LCs) for upcoming wheat tenders, assuring payments to suppliers as soon as they submit the necessary documents, according to Reuters. The state grain buyer had been relying on 180-day \u201cusance letters of credit\u201d for all previous purchases. 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The state grain buyer has been relying on\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":625761,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/08\/14\/gasc-issues-two-tenders-for-unspecified-amount-of-wheat\/","url_meta":{"origin":600218,"position":1},"title":"GASC issues two tenders for unspecified amount of wheat","author":"enterpriseam admin","date":"14 August 2018","format":false,"excerpt":"The General Authority for Supply Commodities (GASC) issued yesterday two international tenders for an unspecified amount of wheat, to be shipped between 21 and 30 September, and 1 and 10 October, according to Reuters\u2019 Arabic service. The tender results are expected to be announced later today. Egypt\u2019s last tender saw\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":625817,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/08\/15\/gasc-purchases-420k-tonnes-of-wheat-from-two-intl-tenders\/","url_meta":{"origin":600218,"position":2},"title":"GASC purchases 420k tonnes of wheat from two int\u2019l tenders","author":"enterpriseam admin","date":"15 August 2018","format":false,"excerpt":"The General Authority for Supply Commodities (GASC) purchased yesterday a total of 420k tonnes of wheat in two international tenders issued on Monday, according to Reuters\u2019 Arabic service. Traders tell Reuters that the lowest offer GASC received in the tenders was USD 230.99 per tonne FOB for the shipment due\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":600476,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/01\/30\/egypts-gasc-purchases-360k-of-wheat-in-first-tender-under-new-payment-terms\/","url_meta":{"origin":600218,"position":3},"title":"Egypt\u2019s GASC purchases 360k of wheat in first tender under new payment terms","author":"enterpriseam admin","date":"30 January 2019","format":false,"excerpt":"The General Authority for Supply Commodities (GASC) purchased 180k tonnes of French and 180k tonnes of Romanian wheat yesterday in Egypt\u2019s first wheat tender under new payment terms, reports Reuters\u2019 Arabic service. GASC paid an average price USD 2.14 lower than the price it paid three weeks ago, according to\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\/2019\/1\/1615.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":637250,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/11\/12\/russia-supplied-all-of-egypts-wheat-since-august\/","url_meta":{"origin":600218,"position":4},"title":"Russia supplied all of Egypt\u2019s wheat since August","author":"enterpriseam admin","date":"12 November 2017","format":false,"excerpt":"Russia extended continued a three-month \u201cclean sweep\u201d in orders from the world\u2019s biggest wheat buyer, the General Authority for Supply Commodities (GASC), UkrAgroConsult reports. Russia\u2019s continued wins in GASC tenders against other suppliers came driven by weakness in the rouble and \u201cincreased competition\u201d on international markets. 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GASC had made immediate payment on their January and February tenders this year, but the return\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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/600218","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=600218"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/600218\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/600188"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=600218"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=600218"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=600218"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=600218"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=600218"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}