Egypt is set to receive $500 million from the World Bank to boost its food security that has been jeopardised by the war between its main suppliers, Russia and Ukraine that has caused massive disruption to exports from Black Sea ports.
Before the invasion, the two countries accounted for 85% of Egypt’s wheat imports.
International Cooperation Minister Rania al-Mashat says the World Bank financing will support the government’s efforts to meet food needs and enhance resilience to future shocks.
The new tranche of World Bank financing will also go towards funding wheat purchases as well as increasing wheat storage capacities in anticipation of future crises.
Soaring world commodity prices helped to push Egyptian inflation to a three-year high of 15.3 percent in June, according to official figures.
To help weather the crisis, Egypt has requested a new loan from the International Monetary Fund, that will add to an already sizeable foreign debt equivalent to almost 90% of GDP.
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