Cairo is discussing with the World Bank a $500 million development funding deal, which is meant to boost Egypt’s efforts to help achieve food security and to strengthen the Egyptian economy to confront the repercussions of the Russia-Ukraine war.
Minister of International Cooperation Rania Al-Mashat and Minister of Supply Ali Moselhi met Sunday with a delegation from the World Bank to activate the development finance agreement that had been endorsed in June.
The ministers stressed the importance of development cooperation between Cairo and the World Bank Group, with the aim of meeting the needs of citizens for strategic commodities.
This is a top priority for the Egyptian government, the ministers told the World Bank delegates.
The meeting discussed ways to strengthen sustainable food security, expand climate action and enhance agricultural production by dealing with the challenges of climate change.
Discussions also focused on efforts to boost Egypt’s ability to handle sudden shocks due to the Russian-Ukrainian war that began in late February.
They cited a plan to increase the number of silos used to store wheat, as well as a vision to expand the agricultural lots of strategic crops. This, the ministers added, has contributed to enhancing Egypt’s ability to store wheat and cereals as part of its efforts to achieve food security.
Mashat announced, earlier, that the World Bank approved $500 million in development financing to enhance Egypt’s efforts to achieve food security.