World Bank approves $500 million in development financing to Egypt - News Summed Up

World Bank approves $500 million in development financing to Egypt


The World Bank has approved US$500 million in development financing to enhance Egypt’s efforts to achieve food security, and strengthen the economy’s resilience against current global crises. According to the Ministry of International Cooperation in Egypt, the emergency response project between Egypt and the World Bank Group is scheduled to contribute to supporting food security and resilience efforts, alleviating the impact of the Russian-Ukrainian war on food security. This is especially vital as Russia and Ukraine are among the largest wheat exporters in the world. Egypt has begun implementing a plan to expand wheat storage silos that rely on the latest technologies to preserve wheat. The package will enable the government to move forward with its plan to increase wheat storage capacities in preparation for future shocks.


Source: Egypt Independent June 29, 2022 14:17 UTC



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