print logo

The Daily Star: Egypt takes issue with ING decision on lending for wheat cargoes

Egypt, the world’s biggest wheat importer, objected to ING Groep NV’s reported decision to suspend lending for wheat shipments sold to state buyer.
30.07.18 | Interesting article at The Daily Star

Egypt, the world’s biggest wheat importer, objected to ING Groep NV’s reported decision to suspend lending for wheat shipments sold to the state-run buyer. The nation’s response comes after people familiar with the matter said that the Dutch lender has stopped backing deals for cargoes sold to Egypt’s state buyer, the General Authority for Supply Commodities. That decision came as Egypt has slowed processing of deals in recent years and as ING gets hit by payment disputes involving cargoes sold by AOS Trading DMCC to GASC.

“Egypt issues payments for the cargoes once suppliers have fulfilled the terms of the contract,” Nomani Nomani, an adviser to the supply minister, said adding that suspending lending tarnishes the country’s image.