Egypt is in talks with a bank in Abu Dhabi, the country will take a loan to buy wheat from Kazakhstan, World of NAN reports citing Reuters.
The move could give Egypt a cheap alternative to grain from Russia, which has taken a large share of the country's wheat imports since last year. Most recently, Russia blocked the deal.
Traders said GASC was negotiating a price with Kazakhstan that could be lower than the unofficial minimum price set by the Russian government. At the same time, they questioned the potential agreement, saying that shipping wheat from Kazakhstan would be logistically difficult, requiring overland shipments through other countries.
Egypt is the world's largest buyer of wheat and is trying to cut its import bill as the country struggles with a shortage of foreign currency.