Egypt and the European Commission have signed a 90 million euro ($93.9 million) soft funding agreement to enhance food security, the Egyptian ministry of international cooperation said on Monday.
The funding, provided by the European Investment Bank (EIB), aims to improve Egypt's grain storage and logistics infrastructure, Reuters reported.
The initiative is part of the broader Food Resilience Project, which also receives support from the European Union and the World Bank, with additional grants and financing totaling 210 million euros ($219.3 million).
According to the ministry's statement, the agreement will enable the General Authority for Supply Commodities (GASC) to improve its capacity to import and store wheat more efficiently.
This is the second time this year that GASC receives financing to import wheat, despite having been replaced as the state grain buyer by the military-affiliated Mostakbal Misr at the end of last year.
On February 4, GASC signed a $700 million loan agreement with the Islamic Trade Finance Corporation to bolster its food security efforts.
Egypt is the world's top wheat importer, as the grain is mainly used to produce subsidized bread for tens of millions of Egyptians.
Egypt and EU Agree 90 Million Euro Deal to Boost Food Security
FILE - A volunteer distributes free juice ahead of Iftar, the evening meal breaking the Ramadan fast, at El-Gamaliyya district in Cairo, Egypt Friday, April 14, 2023. (AP Photo/Amr Nabil, File)
Egypt and EU Agree 90 Million Euro Deal to Boost Food Security
FILE - A volunteer distributes free juice ahead of Iftar, the evening meal breaking the Ramadan fast, at El-Gamaliyya district in Cairo, Egypt Friday, April 14, 2023. (AP Photo/Amr Nabil, File)
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