Egypt to access $600 million World Bank, EU funding for wheat import, silo system
Egypt is set to receive more than $600 million in funding from the World Bank and the European Union (EU) to improve its wheat silo system and support government wheat purchases.
The North African country, the biggest wheat importer, struggles with the fallout from Russia’s war in Ukraine.
Under a food security programme pending approval by the World Band’s board, Egypt is set to get a $380 million to help its state grains buyer GASC import up to 700,000 tons of wheat for its bread subsidy programme, a World Bank document read.
An additional $117.5 million will be allocated for boosting silo capacity, financing development of high-yield wheat varieties and improving climate resilience, the document read.
The European Commission has also earmarked €75 million ($80.24 million) for the expansion of Egypt’s wheat storage capacity, EU Commissioner for Neighborhood and Enlargement Olivér Várhelyi said late Wednesday, following his recent visit to Cairo. This is in addition to €25 million ($26.75 million) for small and medium enterprises (SMEs) in the agriculture sector, Várhelyi stated.
The EU funding is part of a previously announced €225 million ($240.71 million) food security support package to the Middle East and North African markets that were negatively impacted by the Russian war.
