World Bank earmarks $500mln for Egypt’s food security
The World Bank has agreed to provide Egypt with $500 million as development finance to endorse the country’s food security and agriculture sector, Minister of International Cooperation, Rania El-Mashat, stated on Wednesday.
The financial assistance is part of Egypt’s Emergency Food Security and Resilience Support Project, which focuses on eliminating the global impact of the conflict in Ukraine on the local food and nutrition security.
The World Bank earlier announced the allocation of $30 billion to combat threats to food security and to boost existing and new projects in the fields of agriculture, nutrition, social security, as well as water and irrigation.
It is worth noting that the current development cooperation portfolio between Egypt and the World Bank stands at $5.90 billion, which finances the implementation of 15 projects in different sectors, including health, transport, environment, and others.
Earlier this year, El-Mashat said Egypt penned development financing agreements worth $1.40 billion with the World Bank in 2021 for the support of its comprehensive health insurance system, railways upgrade, and others.
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