Egypt, EU seal €90m loan for enhancing food resilience
Egypt and the EU Commission on Monday signed a loan worth €90 million for the project “Egypt Food Resilience”, supported by the EU and the European Investment Bank.
The agreement was signed by Minister of Planning, Economic Development and International Cooperation Rania el Mashat, Minister of Supply and Internal Trade Sherif Farouk and EU Commissioner for the Mediterranean Dubravka Šuica, on behalf of the European Investment Bank (EIB).
The development financing agreement for the Food Resilience Project in Egypt, worth €90 million, is provided by the EIB for the General Authority for Supply Commodities (GASC), according to a statement issued by the Ministry of International Cooperation on Monday.
The project aims to increase and modernize grain storage and logistics infrastructure in the Arab Republic of Egypt, supported by the National Silos Project, including the General Authority for Supply Commodities’ (GASC) purchase of imported wheat from international markets for milling purposes.
The project will be funded by other partners, including a €100 million grant from the European Union and a concessional financing of €110 million from the World Bank.
Mashat stressed the importance of achieving food security as one of the main pillars, adding the government works on securing the strategic needs of the state and hedge against global fluctuations and geopolitical tensions that affect supply chains.
She added that the Ministry of Planning, Economic Development, and International Cooperation also works on strengthening international partnerships to support the national silos project, and continuing efforts to increase the percentage of self-sufficiency in crops through the targets of the Economic and Social Development Plan.
She explained that the agreement signed is a continuation of the efforts made with multilateral and bilateral development partners to strengthen Egypt’s regional and international position as a logistical center for storing and trading grains, as a number of agreements were signed earlier with the World Bank and the African Development Bank to support food security efforts in Egypt.