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Banking

Egypt involved in USD 29mn barter deal with Kazakhstan.

Egypt involved in USD 29mn barter deal with Kazakhstan. Egyptian Trade Ministry informed that agreement related to USD 29mn barter was reached with Kazakhstan . Under the deal, Kazakhstan will provide 120,000 tons of wheat. In exchange Egypt will supply medicines and carpets. The deal would be implemented in Jan and Feb 2007. The Egyptian ministry also informed that it may potentially import wheat worth USD 170mn per annum using barter deals. As we reported, earlier this month Egypt announced that it is interested in purchasing Kazakh wheat. The country imports nearly 6mn tons of grain annually, having consumption of 12-13mn tons. Egypt mainly buys grain from Canada and USA . However, this year the country purchased around 390,000 tons of grain from Russia .  In turn, Kazakhstan may export around 6-7mn tons of grain this year, according to president Nursultan Nazarbayev.

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