Latest news with #FoodResilienceProject
CairoScene
05-03-2025
- Business
- CairoScene
Egypt to Receive EUR 90M From European Commission for Food Security
The GASC previously received USD 100 million in financing to import wheat from the Abu Dhabi Exports Office. Mar 05, 2025 The Ministry of International Cooperation has announced that the European Commission signed a EUR 90 million soft funding agreement to enhance food security in Egypt. The initiative is part of the Food Resilience Project, whose financing totals over EUR 200 million. The EUR 90 million is specifically being provided by the European Investment Bank (EIB), which aims to improve grain storage and general infrastructure for Egypt's General Authority for Supply Commodities (GASC). The GASC previously received USD 100 million in financing to import wheat from the Abu Dhabi Exports Office.
Zawya
04-03-2025
- Business
- Zawya
Egypt, EU sign funding deal for food security
Egypt and the European Commission have signed a €90m concessional funding agreement to strengthen their strategic partnership in the field of food security. The agreement, signed by the Minister of Planning, Economic Development and International Cooperation, Rania Al Mashat, the Minister of Supply and Internal Trade, Sherif Farouk, and the EU Commissioner for Mediterranean Affairs, Dubravka Šuica, on behalf of the European Investment Bank (EIB), will provide development financing for the Food Resilience Project in Egypt. The financing will be provided by the EIB for the General Authority for Supply Commodities (GASC). The project aims to increase and modernise grain storage and logistics infrastructure in Egypt, supported by the National Silos Project. This includes the General Authority for Supply Commodities' (GASC) purchasing imported wheat from international markets for milling purposes. The project will also be funded by a €100m grant from the European Union and concessional financing of €110m from the World Bank. Al Mashat said that food security is one of the government's main priorities in order to secure the state's strategic needs and hedge against global fluctuations and geopolitical tensions that affect supply chains. She added that the Ministry of Planning, Economic Development, and International Cooperation is working to strengthen international partnerships to support the national silos project, alongside continuing efforts to increase the percentage of self-sufficiency in crops through the targets of the Economic and Social Development Plan. Al Mashat explained that the agreement 'is a continuation of the efforts made with multilateral and bilateral development partners to strengthen Egypt's regional and international position as a logistical center for storing and trading grains.' She noted that a number of agreements were signed earlier with the World Bank and the African Development Bank to support food security efforts in Egypt. Additionally, a grant from the European Union was signed during the investment conference last June, worth €56.7m, to develop the storage capacities of wheat silos in Egypt and build additional capacities. She also mentioned that the foundation stone of the West Port Said silo with a storage capacity of 100,000 tons was laid in 2021, funded by development partners. Farouk said that the signing of the Food Resilience Project protocol 'represents a strategic step towards enhancing food security in Egypt, as it contributes to the development and modernisation of grain storage infrastructure and associated logistics.' The Minister of Supply and Internal Trade stated that this concessional financing, supported by the European Investment Bank, will enable the General Authority for Supply Commodities (GASC) to improve its capacity to import and store wheat more efficiently, and complements the ongoing efforts within the national silos project. European Investment Bank Vice President Gelsomina Vigliotti said, 'This investment tackles a key bottleneck for more efficient and resilient food supply in Egypt.' She added, 'The new silos and improved logistics will help reduce food losses, strengthen food security and improve affordability of bread for millions of Egyptians.' EU Ambassador-Designate and Head of the EU Delegation to Egypt Angelina Eichhorst said, 'This investment reflects the EU's strong commitment to supporting Egypt's efforts to enhance its food security.' She added, 'This project will have a significant positive impact on the lives of millions of Egyptians, especially the most vulnerable.'
Daily News Egypt
03-03-2025
- Business
- Daily News Egypt
Egypt, EU sgn €90m funding deal for food security
Egypt and the European Commission have signed a €90m concessional funding agreement to strengthen their strategic partnership in the field of food security. The agreement, signed by the Minister of Planning, Economic Development and International Cooperation, Rania Al Mashat, the Minister of Supply and Internal Trade, Sherif Farouk, and the EU Commissioner for Mediterranean Affairs, Dubravka Šuica, on behalf of the European Investment Bank (EIB), will provide development financing for the Food Resilience Project in Egypt. The financing will be provided by the EIB for the General Authority for Supply Commodities (GASC). The project aims to increase and modernise grain storage and logistics infrastructure in Egypt, supported by the National Silos Project. This includes the General Authority for Supply Commodities' (GASC) purchasing imported wheat from international markets for milling purposes. The project will also be funded by a €100m grant from the European Union and concessional financing of €110m from the World Bank. Al Mashat said that food security is one of the government's main priorities in order to secure the state's strategic needs and hedge against global fluctuations and geopolitical tensions that affect supply chains. She added that the Ministry of Planning, Economic Development, and International Cooperation is working to strengthen international partnerships to support the national silos project, alongside continuing efforts to increase the percentage of self-sufficiency in crops through the targets of the Economic and Social Development Plan. Al Mashat explained that the agreement 'is a continuation of the efforts made with multilateral and bilateral development partners to strengthen Egypt's regional and international position as a logistical center for storing and trading grains.' She noted that a number of agreements were signed earlier with the World Bank and the African Development Bank to support food security efforts in Egypt. Additionally, a grant from the European Union was signed during the investment conference last June, worth €56.7m, to develop the storage capacities of wheat silos in Egypt and build additional capacities. She also mentioned that the foundation stone of the West Port Said silo with a storage capacity of 100,000 tons was laid in 2021, funded by development partners. Farouk said that the signing of the Food Resilience Project protocol 'represents a strategic step towards enhancing food security in Egypt, as it contributes to the development and modernisation of grain storage infrastructure and associated logistics.' The Minister of Supply and Internal Trade stated that this concessional financing, supported by the European Investment Bank, will enable the General Authority for Supply Commodities (GASC) to improve its capacity to import and store wheat more efficiently, and complements the ongoing efforts within the national silos project. European Investment Bank Vice President Gelsomina Vigliotti said, 'This investment tackles a key bottleneck for more efficient and resilient food supply in Egypt.' She added, 'The new silos and improved logistics will help reduce food losses, strengthen food security and improve affordability of bread for millions of Egyptians.' EU Ambassador-Designate and Head of the EU Delegation to Egypt Angelina Eichhorst said, 'This investment reflects the EU's strong commitment to supporting Egypt's efforts to enhance its food security.' She added, 'This project will have a significant positive impact on the lives of millions of Egyptians, especially the most vulnerable.'
Al-Ahram Weekly
03-03-2025
- Business
- Al-Ahram Weekly
Egypt secures €90 mln from EIB to bolster food resilience - Economy
Egypt secured a €90 million concessional loan from the European Investment Bank (EIB) on Monday for the Emergency Food Security and Resilience Support Project to install new wheat silos and reduce bread costs for citizens. Rania Al-Mashat, Minister of Planning, Economic Development and International Cooperation (MOPEDIC); Sherif Farouk, Minister of Supply and Internal Trade (MSIT); and Dubravka Suica, European Union (EU) Commissioner for Mediterranean Affairs, on behalf of the EIB, signed a €90 million development financing agreement for the Food Resilience Project in Egypt, according to a MOPEDIC statement on Monday. The ministers highlighted that the Emergency Food Security and Resilience Support Project, which is set to receive a €100 million grant from the European Union and a concessional financing of €110 million from the World Bank, complements ongoing efforts to ensure Egypt's long-term food security and maintain its standing as a regional grain hub. Al-Mashat explained that this agreement is aligned with the efforts made with multilateral and bilateral development partners to strengthen Egypt's position as a regional logistical centre for storing and trading grains. The funding is part of a broader cooperation protocol between Egypt and the EU. This includes a strategic partnership to enhance political, economic, and developmental ties, focusing on sustainable development and private-sector involvement. Within this partnership, the EU committed a €7.4 billion financing package for Egypt and will support the Egyptian economy from 2025 to 2027. 'This investment enhances food resilience in Egypt through the sustainability of supply chains,' stated EIB Vice President Gelsomina Figlioti. 'The new silos and improved logistics will help reduce food losses, strengthen food security, and improve the affordability of bread for millions of Egyptians.' Figlioti added that the EIB investment will also reduce bread costs for millions of Egyptians. Meanwhile, EU Ambassador and Head of the EU Delegation to Egypt Angelina Eichhorst said 'This investment reflects the EU's strong commitment to supporting Egypt's efforts to strengthen its food security, [and] this project will have a significant positive impact on the lives of millions of Egyptians, especially the most vulnerable groups.' About the Emergency Food Security and Resilience Support Project The Emergency Food Security and Resilience Support Project was launched to increase and modernize grain storage and logistics infrastructure in the country, supported by the National Silos Project, including the General Authority for Supply Commodities (GASC) purchasing imported wheat from international markets for milling purposes. The National Silos Project began in 2015 on 20,000 square metres per silo, using state-of-the-art technology. This involves installing a truck scale to weigh wheat bags loaded in cars. The scale is operated through a control room that enables the system to produce the required quantities of wheat without waste. In June 2022, the World Bank approved a $500 million loan to support Egypt's Emergency Food Security and Resilience Support Project. Additionally, a grant from the European Union was signed during the investment conference last June, worth €56.7 million, to develop the storage capacities of wheat silos in Egypt and build additional capacities. In this context, in 2021, the foundation stone of the West Port Said silo with a storage capacity of 100,000 tons was laid, funded by development partners. The Emergency Food Security and Resilience Support Project is meant to support national efforts to reduce waste in the wheat supply chain through the upgrade and expansion of climate-resilient wheat silos, sustainably improve domestic cereal production, and strengthen Egypt's preparedness and resilience to future shocks. Egypt's wheat storage capacity currently stands at 4.5 million tons, according to the Ministry of Agriculture. Egypt is the world's largest wheat importer and consumes 18 million tons of the grain per year. In 2023, wheat imports increased by over 14.5 percent to 11 million tons, up from 9.6 million tons in 2022, according to Deputy Minister of Supply and Internal Trade Ibrahim Ashmawy. Follow us on: Facebook Instagram Whatsapp Short link:
Zawya
03-03-2025
- Business
- Zawya
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 )
