News

World Bank to Provide Egypt with $500 Million to Boost Food Security

mm
World Bank to Provide Egypt with $500 Million to Boost Food Security

image via Getty Images via Middle East Institute

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.

 

View this post on Instagram

 

A post shared by Ministry of Int’l Cooperation وزارة التعاون الدولي (@moicegypt)

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.

Egypt to Introduce Apple Pay and Samsung Pay: Central Bank of Egypt
Egypt Triumphs to Historic Table Tennis Gold

Subscribe to our newsletter


News
mm

Farah Rafik is a graduate from the American University in Cairo (AUC) with a dual degree in Multimedia Journalism and Political Science. After being an active participant in Model United Nation (MUN) conferences both locally and internationally, Farah discovered her love for writing. When she isn’t writing about Arts & Culture for Egyptian Streets, she is busy watching films and shows to review. Writing isn’t completed without a coffee or an iced matcha latte in hand—that she regularly spills. She occasionally challenges herself in reading challenges on Goodreads, and can easily read a book a day.

More in News

Egypt Defeats Malawi 2-0 in Qualifiers for Africa Cup of Nations

Farah Rafik25 March 2023

World Bank and Egypt Agree on a New $7 Billion Five-Year Plan to Support Egypt’s Development

Egyptian Streets23 March 2023

Egyptian Court Denies Adoptive Family Custody of ‘Baby Shenouda’, Citing Lack of Jurisdiction

Egyptian Streets19 March 2023

Khaled El-Balshy Elected as Head of Egypt’s Journalists Syndicate

Farah Rafik18 March 2023

Egypt’s Giza and Saqqara Among 2023 World’s Greatest Places: TIME

Egyptian Streets17 March 2023

Minister of Tourism and Antiquities: Egypt Recorded 11.7 Million Tourists in 2022

Dina Khadr16 March 2023

By 2024, Egyptians May Be Required to Speak French by Law

Dina Khadr15 March 2023

Egypt to Provide EGP 1,000 Annually for Egyptian Women to Curb Population Growth

Egyptian Streets15 March 2023