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Egypt, EBRD Launch New Cooperation in Energy, Tourism

A general view of Cairo, Egypt. (AFP)
A general view of Cairo, Egypt. (AFP)
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Egypt, EBRD Launch New Cooperation in Energy, Tourism

A general view of Cairo, Egypt. (AFP)
A general view of Cairo, Egypt. (AFP)

Egypt and the European Bank for Reconstruction and Development (EBRD) signed two memoranda of understanding (MoU) on green hydrogen and established the Sector Skills Council (SCC) to boost the tourism sector.

They also signed an agreement to implement an Alexandria metro line with a total value of €250 million.

The new agreements are part of the framework of the new 2022-2027 strategy to meet Egypt's development priorities and the strategies it implements to advance all sectors.

It comes within the framework of the state's transition to a green economy through innovative strategies, increasing investment in human capital, and shifting to a sustainable and green transportation sector as part of the country's 2050 strategy for climate action.

Egypt's Minister of International Cooperation and EBRD's Governor of Egypt Rania al-Mashat said the cooperation documents signed with EBRD reflect the strategic relationship between the two sides and their role in supporting the development efforts.

Mashat noted that they are the beginning of joint action within the framework of the new cooperation strategy.

The minister explained that the agreements stimulate efforts made within the framework of green transformation, reducing harmful emissions, increasing investment in human capital, supporting competencies, and developing workers' skills in the tourism sector.

She also indicated that they would develop the transportation infrastructure to become more sustainable and keep pace with technological developments.

They will also promote joint work between the relevant parties and stimulate the participation of the private sector in development plans enhancing the state's development vision and providing soft development funds and technical support in line with the strategic priorities of green economic transformation, said the minister.

Mashat stressed that the coming period would witness more cooperation with the EBRD within the framework to meet the state's development priorities and the strategies it implements to advance all sectors.

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Egypt Targets 10 mln Ton Wheat Harvest

A farmer shows wheat plants at a field in Al Fayoum Governorate, southwest of Cairo, Egypt March 21, 2024. REUTERS/Mohamed Abd El Ghany/File Photo
A farmer shows wheat plants at a field in Al Fayoum Governorate, southwest of Cairo, Egypt March 21, 2024. REUTERS/Mohamed Abd El Ghany/File Photo
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Egypt Targets 10 mln Ton Wheat Harvest

A farmer shows wheat plants at a field in Al Fayoum Governorate, southwest of Cairo, Egypt March 21, 2024. REUTERS/Mohamed Abd El Ghany/File Photo
A farmer shows wheat plants at a field in Al Fayoum Governorate, southwest of Cairo, Egypt March 21, 2024. REUTERS/Mohamed Abd El Ghany/File Photo

Egypt expects to harvest 10 million tonnes of wheat this year, up from 9 million in 2023, driven by improved crop yields and ambitious land reclamation efforts, Agriculture Minister Alaa Farouk told Reuters late on Wednesday.

He said 3.1175 million feddans (about 1.30 million hectares) have been cultivated this season — slightly lower than the 3.5 million feddans announced earlier by the planning ministry and 3.2 million feddans in 2024 (1.34 million hectares), suggesting a possible decline in total wheat area.

Farmers have told Reuters that wheat has become less profitable compared to crops like beet, whose area increased from 500,000 feddans (210,000 hectares) to 700,000 feddans (294,000 hectares) this year.

The government plans to buy 4-5 million tonnes of local wheat and import about 6 million tonnes to provide heavily subsidised bread for over 69 million Egyptians.

Farouk said newer high-yield wheat strains developed by the Agricultural Research Center have raised productivity by 7-8.5%.

"This is vertical expansion, and horizontal expansion is coming," he said.

That horizontal expansion is led by the Mostakbal Misr for Sustainable Development, which plans to reclaim 4 million feddans across the country.

Farouk said some of that land is ready for production and the rest will follow in the next two years, offering major opportunities for agricultural investment.

Mostakbal Misr, recently tasked with wheat imports, is also developing infrastructure and growing crops tailored to local consumption, exports and agri-processing, Farouk said..

Farouk added the government is studying a potential rise in local fertilizer prices. Urea and nitrate fertilizers cost around 9,500 Egyptian pounds ($185) per tonne to produce but are sold at a subsidized 4,500 ($87.63). Export prices reach up to 20,000 pounds ($389.48), Farouk said.