The World Bank (WB) has agreed to provide Egypt $500 million in the development fund to achieve food security and enhance country’s economic situation, Minister of International Cooperation Rania Al-Mashat said on Wednesday.
The funds will support Egyptian’s efforts aimed at providing a safe stock wheat.
“We are keen to continue supporting Egypt in overcoming development challenges and enabling it to pave the way for a prosperous future,” Marina Weiss the regional director of WB in Egypt, Yemen and Djibouti, said.
This comes within the framework of the directives of the political leadership and the international financial institutions to overcome quickly on the challenges arising from the current global crisis and provide a secure stock of strategic goods.
Egyptian government has implemented persistent efforts across the past years that have contributed to enhancing its ability to deal with sudden obstacles due to the Russian-Ukrainian war, Al-Mashat noted in an official statement.
She added that Egypt has begun implementing a plan to expand wheat storage silos that rely on the latest technologies to preserve wheat and reduce wastage.
The country also is constantly expanding in increasing the agricultural area of strategic crops, including wheat, which enhancing its ability to store grains and increasing efforts to achieve food security.