Egypt has found a new grain seller to replace Russia
Ukraine has long been a major supplier of grain to Asian and African markets.
Egypt is looking for a new grain supplier. Instead of Russia, from which the country has recently purchased grain, Cairo is counting on cooperation with Kazakhstan. In particular, the country's government is negotiating with Abu Dhabi Commercial Bank on a loan to finance the purchase of wheat in Kazakhstan, Reuters reports .
According to the agency, negotiations on a loan agreement for wheat purchases from Kazakhstan are at the initial stage. They are being conducted by Egypt's General Directorate for Supply of Goods. The main issues being discussed are the volume of purchases and the price of grain.
According to Reuters, the price of grain from Kazakhstan may be lower than the unofficial minimum price set by the Russian government, which is believed to have been set at $270 per metric tonne in the tender.
Egypt is currently the largest buyer of wheat worldwide.
Egypt is known to have criticised Russia for pulling out of the grain deal and said that it would continue buying Ukrainian grain through alternative routes.