Egypt and the European Commission have signed a soft funding agreement worth 90 million euros (approximately $93.9 million) to enhance food security in the country, according to Egypt’s Ministry of International Cooperation.
The funding, provided by the European Investment Bank (EIB), is aimed at improving Egypt's grain storage and logistics infrastructure under the broader Food Resilience Project.
The initiative is designed to strengthen the capacity of the General Authority for Supply Commodities (GASC) to import and store wheat more efficiently. Wheat, a critical commodity for Egypt, is predominantly used to produce subsidized bread for millions of Egyptians, making it a cornerstone of the nation's food security efforts. Egypt remains the world's top wheat importer, and improved infrastructure is expected to help stabilize supplies and manage imports more effectively.
This agreement is part of a larger package of support that includes an additional 210 million euros in grants and financing from the European Union and the World Bank. Earlier this year, on February 4, GASC secured a $700 million loan agreement with the Islamic Trade Finance Corporation to further bolster its food security initiatives. Notably, this is the second instance this year that GASC has received financing for wheat imports, despite the organization being replaced as the state grain buyer by the military-affiliated Mostakbal Misr at the end of last year.
The funding deal underscores the commitment of both Egypt and its international partners to enhancing food resilience in the face of ongoing challenges in global supply chains. The investment in grain storage and logistics is seen as a key step towards ensuring stable food supplies and supporting the country's broader economic stability.
As Egypt continues to navigate its status as a major wheat importer, initiatives like this soft funding agreement are critical in securing the nation's food supply and protecting the livelihoods of millions who depend on affordable staple foods.
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