Egypt and the European Fee have signed a €90 million (US$93.9 million) comfortable funding settlement to boost meals safety, the Egyptian ministry of worldwide cooperation stated 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 Undertaking, which additionally receives assist from the European Union and the World Financial institution, with extra grants and financing totalling €210 million (US$219.3 million).
Based on the ministry’s assertion, the settlement will allow the Common 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 especially used to supply subsidised bread for tens of thousands and thousands of Egyptians.
