Egypt and the European Fee have signed a €90 million (US$93.9 million) smooth funding settlement to reinforce meals safety, the Egyptian ministry of worldwide cooperation mentioned on Monday (Mar 3).
The funding, supplied by the European Funding Financial institution (EIB), goals to enhance Egypt’s grain storage and logistics infrastructure.
The initiative is a part of the broader Meals Resilience Mission, which additionally receives assist from the European Union and the World Financial institution, with further grants and financing totalling €210 million (US$219.3 million).
In line with the ministry’s assertion, the settlement will allow the Normal Authority for Provide Commodities (GASC) to enhance its capability to import and retailer wheat extra effectively.
That is the second time this yr that GASC receives financing to import wheat, regardless of having been changed because the state grain purchaser by the military-affiliated Mostakbal Misr on the finish of final yr.
On Feb 4, GASC signed a US$700 million mortgage settlement with the Islamic Commerce Finance Company to bolster its meals safety efforts.
Egypt is the world’s prime wheat importer, because the grain is principally used to provide subsidised bread for tens of thousands and thousands of Egyptians.
