{"id":627300,"date":"2018-07-29T04:12:33","date_gmt":"2018-07-29T04:12:33","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2018\/07\/29\/ing-groep-suspends-credit-for-egypt-wheat-shipments-in-latest-wheat-drama\/"},"modified":"2018-07-29T04:12:33","modified_gmt":"2018-07-29T04:12:33","slug":"ing-groep-suspends-credit-for-egypt-wheat-shipments-in-latest-wheat-drama","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2018\/07\/29\/ing-groep-suspends-credit-for-egypt-wheat-shipments-in-latest-wheat-drama\/","title":{"rendered":"ING Groep suspends credit for Egypt wheat shipments in latest wheat drama"},"content":{"rendered":"

<\/a> ING Groep suspends credit for Egypt wheat shipments in latest wheat drama: <\/strong>Egypt is at risk of attracting fewer numbers of offers in its wheat tenders after Dutch lender ING Groep reportedly decided to \u201csuspend lending for wheat shipments sold to [Egypt\u2019s] state-run buyer,\u201d sources familiar with the matter told Bloomberg<\/a><\/u>. The decision was the result of the General Authority for Supply Commodities\u2019 (GASC) \u201cslowed processing\u201d of wheat transactions in recent years, which has seen ING \u201chit by payment disputes involving cargoes sold by AOS Trading DMCC to GASC,\u201d according to the sources.<\/p>\n

Egypt, however, objected to the news, saying that payments were late due to delays in delivery<\/strong>. \u201cEgypt issues payments for the cargoes once suppliers have fulfilled the terms of the contract,\u201d Supply Ministry adviser Nomani Nomani told the news service, \u201cadding that suspending lending tarnishes the country\u2019s image.\u201d<\/p>\n

Background: <\/strong>GASC had removed Dubai-based trader AOS from its list of approved suppliers earlier this month<\/a><\/u> after repeated delays in the delivery of a shipment in June. The state-buyer had also cancelled two orders of Russian wheat<\/a><\/u> from AOS. Egypt had made its most expensive wheat purchase since 2015<\/a><\/u> last week, paying an average USD 235.65 per tonne, after a drought hit Europe and the Black Sea region.<\/p>\n","protected":false},"excerpt":{"rendered":"

ING Groep suspends credit for Egypt wheat shipments in latest wheat drama: Egypt is at risk of attracting fewer numbers of offers in its wheat tenders after Dutch lender ING Groep reportedly decided to \u201csuspend lending for wheat shipments sold to [Egypt\u2019s] state-run buyer,\u201d sources familiar with the matter told Bloomberg. The decision was the […]<\/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":[8572],"tags":[72,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-627300","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-enterpriseam","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"954f43b1-4569-4120-b65e-b0db262f2522","order":"0","is_powered_by":true,"section_story_id":"67b2071a-08e2-4f11-8207-c7583f54fffb","story_type":"1","photo_url":"","photo_position":"above","related_issue":[627284],"teaser":"","voice_url":""},"yoast_head":"\nING Groep suspends credit for Egypt wheat shipments in latest wheat drama - 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\/2018\/07\/29\/ing-groep-suspends-credit-for-egypt-wheat-shipments-in-latest-wheat-drama\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"ING Groep suspends credit for Egypt wheat shipments in latest wheat drama\" \/>\n<meta property=\"og:description\" content=\"ING Groep suspends credit for Egypt wheat shipments in latest wheat drama: Egypt is at risk of attracting fewer numbers of offers in its wheat tenders after Dutch lender ING Groep reportedly decided to \u201csuspend lending for wheat shipments sold to [Egypt\u2019s] state-run buyer,\u201d sources familiar with the matter told Bloomberg. 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The cargoes were purchased by state grain buyer General Authority for Supply Commodities (GASC) recently, but the nature of the quality concerns were not described. \u201cThe\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":604569,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/12\/06\/gasc-has-not-issued-letters-of-credit-for-16-wheat-shipments\/","url_meta":{"origin":627300,"position":3},"title":"GASC has not issued letters of credit for 16 wheat shipments","author":"enterpriseam admin","date":"6 December 2018","format":false,"excerpt":"Gov\u2019t dismisses traders\u2019 claim of delay in letters of credit for wheat shipments: The government has responded to a Reuters report quoting traders who claimed state grain buyer GASC has not issued letters of credit to cover 16 wheat shipments, saying guarantees either have been or would be issued, the\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":627706,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/06\/10\/gasc-cancels-wheat-shipment-from-dubai-based-aos\/","url_meta":{"origin":627300,"position":4},"title":"GASC cancels wheat shipment from Dubai-based AOS","author":"enterpriseam admin","date":"10 June 2018","format":false,"excerpt":"GASC cancels wheat shipment from Dubai-based AOS: The General Authority for Supply Commodities (GASC) has cancelled a 60k tonne order of Russian wheat from Dubai-based trader AOS on Thursday after repeated delays in delivery, traders told Reuters Arabic. \u201cThere were severe delays and state grain buyer GASC officially cancelled the\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":627092,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/07\/19\/madbouly-cabinet-officially-approves-state-privatization-program\/","url_meta":{"origin":627300,"position":5},"title":"Madbouly Cabinet officially approves state privatization program","author":"enterpriseam admin","date":"19 July 2018","format":false,"excerpt":"CABINET WATCH- The Madbouly Cabinet officially signed off yesterday on the state privatization program, according to a statement. 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