POST Online Media Lite Edition


Morocco's Attijariwafa Bank to finance wheat imports with $300m

Staff writer |
Morocco's Attijariwafa Bank signed a deal with Moroccan wheattrade federation FIAC to finance $300 million of Russian wheat imports in the 2014-2015 season.

Article continues below

The deal was signed in Moscow when the Moroccan bank's managers attended a Morocco-Russia economic forum on June 10 and two trading companies, Louis Dreyfus Vostok and Glencore Grain, took part of the deal.

Morocco depends on imports of staple cereals. It is expected to buy around 2.5 million tonnes of foreign wheat in the 2013-2014 marketing year.

"It is a contractual framework under which Moroccan importers would buy the equivalent of $300 million of Russian wheat in the 2014-2015 season," Attijariwafa said in a statement.

Morocco's import campaign typically runs from October to May when the local harvest starts. The Moroccan government is yet to decide on a longer import window.

What to read next

Morocco gets $350m loan from World Bank to support financial reforms
Qatar grants Morocco $136 million
Morocco, France sign 43 million euros SMEs deal