Egypt and the European Commission have signed a €90 million ($93.9 million) soft funding agreement to enhance food security, the country’s Ministry of International Cooperation announced on Monday.
The funding, provided by the European Investment Bank (EIB), will be used to upgrade Egypt’s grain storage and logistics infrastructure, improving supply chain efficiency.
Part of the larger Food Resilience Project, the initiative is supported by the European Union and the World Bank, with total financing and grants reaching €210 million ($219.3 million).
According to the ministry, the agreement will help the General Authority for Supply Commodities (GASC) enhance its wheat import and storage capabilities. Despite being replaced last year as Egypt’s primary state grain buyer by the military-linked Mostakbal Misr, GASC continues to secure financing for wheat imports.
On February 4, GASC signed a $700 million loan deal with the Islamic Trade Finance Corporation to further strengthen food security efforts.
As the world’s largest wheat importer, Egypt relies heavily on grain to produce subsidized bread for millions of citizens.
