Egypt and EU agree $93.9mln deal to boost food security
Egypt and the European Commission have signed a 90 million euro ($93.9 million) soft funding agreement to enhance food security, the Egyptian ministry of international cooperation said on Monday.
The funding, provided by the European Investment Bank (EIB), aims to improve Egypt's grain storage and logistics infrastructure.
The initiative is part of the broader Food Resilience Project, which also receives support from the European Union and the World Bank, with additional grants and financing totalling 210 million euros ($219.3 million).
According to the ministry's statement, the agreement will enable the General Authority for Supply Commodities (GASC) to improve its capacity to import and store wheat more efficiently.
This is the second time this year that GASC receives financing to import wheat, despite having been replaced as the state grain buyer by the military-affiliated Mostakbal Misr at the end of last year.
On February 4, GASC signed a $700 million loan agreement with the Islamic Trade Finance Corporation to bolster its food security efforts.
Egypt is the world's top wheat importer, as the grain is mainly used to produce subsidised bread for tens of millions of Egyptians.
(€1 = $1.04)
(Reporting by Mohamed Ezz, Editing by Louise Heavens )
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Zawya
20 hours ago
- Zawya
Egypt agrees to buy up to 160 LNG cargoes through 2026, sources say
Egypt has reached agreements with several energy firms and trading houses to buy between 150-160 cargoes of liquefied natural gas (LNG) costing over $8 billion to cover power demand through end-2026, industry sources aware of the matter told Reuters. (Reporting by Marwa Rashad in London; Additional reporting by Mohamed Ezz in Cairo; Editing by Nina Chestney)
Gulf Today
a day ago
- Gulf Today
UAE delegation participates in High-level Energy Transition Dialogue in Brussels
A UAE delegation, headed by Eng. Sharif Al Olama, Undersecretary for Energy and Petroleum Affairs at the Ministry of Energy and Infrastructure, participated in the High-Level Energy Transition Dialogue, hosted by the Presidency of the 30th UN Climate Change Conference (COP30) in partnership with the International Energy Agency at the headquarters of the European Commission in Brussels, Belgium. The high-level meeting came as part of global efforts to prepare for COP30, scheduled to be held in Belém, Brazil. It served as a platform for exchanging perspectives on accelerating the implementation of the outcomes of COP28 and COP29 and achieving global energy transition goals — including doubling energy efficiency and tripling renewable energy capacity by 2030. Addressing an audience of energy ministers and senior officials, Al Olama said, 'At COP28 in Dubai, the international community reached an important milestone: the UAE Consensus. This outcome marked a turning point in how the world approaches the energy transition—not merely as an environmental necessity, but as an economic, social, and development imperative. "Building on this momentum, COP29 in Azerbaijan reaffirmed global commitments to scaling up clean energy investment and facilitating credible transition pathways. It emphasised the vital role of finance, technology transfer, and regional cooperation as core enablers. The Global Stocktake, launched at COP28, continues to serve as a critical benchmark for delivery, and the next step is to begin turning that assessment into meaningful action.' He added, 'For the UAE, the energy transition is not a distant goal—It is a national priority already in motion, driving real change on the ground. Our updated UAE Energy Strategy 2050 strikes a deliberate balance between energy security, affordability, and sustainability. It establishes clear targets for clean energy deployment, deep decarbonisation across sectors, and—crucially—bold and achievable improvements in energy efficiency improvements in energy efficiency. "We recognise that achieving net-zero emissions by 2050, as set out in our national pathway, cannot be achieved by renewables alone. Energy efficiency is not an add-on, or good to have, but rather a core pillar of the transition. It is the lowest-cost, highest-impact lever we have—and a key enabler for all other technologies and solutions.' Moreover, the UAE delegation participated in the 10th Annual Global Conference on Energy Efficiency, organised by the International Energy Agency in partnership with the EU Commission. At the conference, Al Olama continued, "In the UAE, we see energy efficiency not only as a tool for decarbonisation, but also as a powerful lever to strengthen our economy. We are supporting industries and enterprises to reduce costs, improve energy security, and enhance operational performance. These efforts help attract investment, support high-quality job creation, and foster innovation and competitiveness across key sectors. However, challenges do remain. Despite its clear economic benefits, the pace of progress is often constrained by barriers such as limited access to finance, low awareness, misaligned incentives, and high upfront costs—particularly in emerging markets. "This is precisely why the UAE announced its intention to establish the Global Energy Efficiency Alliance (GEEA) during COP29 in Baku, in support of the UAE Consensus and the global goal of doubling the energy efficiency improvement rate, from the historical average of 2 percent to over 4 percent annually by 2030. Today, we are proud to officially launch GEEA here in Brussels, reaffirming our commitment to placing energy efficiency at the forefront of the international energy and climate agenda. This effort comes at a critical moment, as we are currently off track, the global energy efficiency improvement rate remains below 1.5 percent annually, and at this pace, we will fall short of achieving our decarbonisation and net-zero targets.' He noted that as founding Chair and Secretariat of GEEA, the UAE is working closely with partners to move from advocacy to implementation—by scaling technical cooperation, mobilising finance, and enabling the design and delivery of national and sector-specific efficiency strategies. He extended an open invitation to all governments, private sector entities, financial institutions, and civil society organisations to join the Alliance—to contribute expertise, to align efforts, and to accelerate global progress on energy efficiency. On the sidelines of his engagements in Brussels, Al Olama held several bilateral meetings to promote GEEA and drive the global energy transition agenda. These include meetings with Stefani Sannino, Director-General for the Middle East, North Africa, and the Gulf at the European External Action Service; Ditte Juul Jørgensen, Director-General for Energy at the European Commission; Ben Copp, Director-General of the Office of Energy Efficiency at the National Resources of Canada; Jan Dusík, Deputy Director-General for Climate Action at the European Commission; Masanori Tsuruda, Deputy Commissioner for International Affairs at Japan's Ministry of Economy, Trade, and Industry; and Anders Hoffmann, Deputy Permanent Secretary at the Danish Ministry of Climate, Energy and Utilities. WAM
Gulf Business
a day ago
- Gulf Business
EU to remove UAE from AML/CFT ‘high-risk' list, adds Algeria, Lebanon
Image: Getty Images/ For illustrative purposes The European Commission has proposed removing the UAE from its list of high-risk countries for money laundering and terrorist financing, while adding Algeria and Lebanon along with eight other jurisdictions, according to a statement published by the Under the delegated regulation update, which may take effect within a month unless blocked by EU member states or the European Parliament, the UAE will be delisted alongside Barbados, Gibraltar, Jamaica, Panama, the Philippines, Senegal, and Uganda. In contrast, Algeria, Angola, Côte d'Ivoire, Kenya, Laos, Lebanon, Monaco, Namibia, Nepal, and Venezuela will be classified as high-risk jurisdictions subject to enhanced monitoring . The EU's high-risk list, established under the Fourth Anti-Money Laundering Directive, identifies third-country jurisdictions with strategic deficiencies in AML/CFT regimes. Inclusion prompts greater scrutiny from EU financial institutions and complicates access to funding. Significant implications for the UAE and other countries UAE: Having been added to the EU's list in March 2023, the UAE has undergone extensive reforms, including a national anti-money laundering strategy. Its removal follows its February 2024 exit from the FATF's 'grey list' and is grounded in improvements in legislative oversight, regulatory systems, and enforcement action. Read: Algeria: Persistent concerns about corruption and financial misconduct, highlighted by a 2024 Transparency International ranking of 107th globally and high-profile prosecutions — including a five-year jail term in April for a former presidential aide — have underpinned its inclusion. Lebanon: Added amid its prolonged economic and political turmoil, Lebanon's vulnerabilities include its connection to non-state armed groups. The commission based its update on FATF's grey list, bilateral dialogues, on-site reviews, and a thorough technical assessment . It reaffirmed alignment with FATF standards and reiterated the EU's resolve to protect its internal financial system through global AML/CFT cooperation. For the changes to become effective, they must undergo a one-month scrutiny period during which the European Parliament or Council can raise objections.
