News & Current Affairs
Egypt Secures $93M EU Deal to Strengthen Food Security
Egypt has secured a soft loan of $93.9 million from the European Investment Bank (EIB) to boost food security, the country’s Ministry of International Cooperation announced. The deal will enhance Egypt’s grain storage and logistics infrastructure, helping the General Authority for Supply Commodities (GASC) import and store wheat more efficiently. This marks GASC’s second major wheat-related financing this year, following a $700 million loan from the Islamic Trade Finance Corporation in February. Egypt remains the world’s largest wheat importer, and the EIB funding underscores Cairo’s reliance on wheat imports to produce subsidized bread for millions of its citizens.
Source: Reuters
