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