The World Bank has agreed to provide Egypt $500 million in development funds to boost food security in light of the repercussions faced by the COVID-19 pandemic and the Russian-Ukrainian war, according to a statement by the Ministry of International Cooperation.
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The funds will be primarily directed to enhancing food security, strengthening the resilience of the Egyptian economy, and supporting the country’s wheat production amidst the global crisis.
Egypt finds itself in the ‘firing line’ as it is the world’s largest importer of wheat, importing nearly 80 percent of the grain from the warring Russia and Ukraine.
The ministry emphasized that the funds will help the government maintain a strategic reserve and utilize the investment in raising the country’s grain storage capacity.
“The joint project with the World Bank supports the government’s strong commitment to ensuring that it continues to meet the needs of citizens and to enhance security,” explained Minister of International Cooperation, Rania Al-Mashat, in a statement.