The Board of Executive Directors of the World Bank (WB) Group approved a development financing of $500 million to enhance Egypt’s efforts to achieve food security, and strengthen the resilience of the Egyptian economy in the face of the current food crisis facing the world.
WB also supports efforts aimed at providing a safe stock of wheat.
The emergency response project between Egypt and WB is scheduled to contribute to supporting food security and resilience efforts and mitigating the impact of the Russian-Ukrainian war and its impact on food security.
It is worth noting that Russia and Ukraine are among the largest wheat exporters in the world, but the ongoing war has contributed to the high prices of wheat.
On her part, Dr. Rania Al-Mashat, Minister of International Cooperation and Governor of Egypt at the World Bank Group, said: “The joint project with the World Bank supports the government’s strong commitment to ensuring that citizens’ needs for strategic goods continue to be met.