Egypt and the European Commission have finalized a €90 million ($93.9 million) soft funding agreement to bolster food security, according to Egypt’s Ministry of International Cooperation. The funding, facilitated by the European Investment Bank (EIB), will focus on upgrading Egypt’s grain storage facilities and logistics infrastructure.
This initiative falls under the broader Food Resilience Project, which also benefits from support by the European Union and the World Bank, with combined grants and financing reaching €210 million ($219.3 million). The agreement will empower Egypt’s General Authority for Supply Commodities (GASC) to enhance its capabilities in importing and storing wheat more effectively.
This marks the second instance this year that GASC has secured funding for wheat imports, despite being replaced as the state grain buyer by the military-linked Mostakbal Misr at the end of 2022. Earlier, on February 4, GASC signed a $700 million loan agreement with the Islamic Trade Finance Corporation to further its food security initiatives.
Egypt, the world’s largest wheat importer, relies heavily on the grain to produce subsidized bread for millions of its citizens.
(Source: Reuters)
