date:Mar 27, 2019
more expensive for GASC.
Egypt said at the end of February it had used $213 million in funding from Islamic Trade Finance for wheat purchases so far, buying 1.02 million tons.
This latest reversal indicates that more funding from that facility is not now readily available, traders said.
The question being asked is how much money Egypt has, a European trader said.
I think this (delayed payment) would add $6 to $7 a ton to the cost of buying wheat compared to immediate payment, he said.
On-si