Egypt Takes Issue With ING Decision on Lending for Wheat Cargoes
- ING reported to suspend trade finance for wheat cargoes
- Government pays when suppliers meet contract terms: Nomani
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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.