Egypt will receive a $500 million loan from the World Bank to help finance its wheat purchases as prices skyrocket because of the Russian invasion of Ukraine, the bank said Wednesday.
World Bank agrees $500m to help Egypt fund wheat purchases
It said the funds will help the government of the Arab world’s most populous country finance procurement of imported wheat.
“This emergency operation comes at a very critical juncture when the food security of many countries is threatened by the war in Ukraine,” said Marina Wes, World Bank Country Director for Egypt Yemen, and Djibouti.
Egypt is the world’s largest wheat importer, and the country’s supply is subject to price changes on the international market. The war in Europe has already hiked prices of the grain since both Russia and Ukraine