Egypt
Egypt’s annual inflation jumps to 16.5% in May
Egypt’s annual inflation rate surged to 16.5 percent in May, up from 13.5 percent in April, according to data released by the Central Agency for Public Mobilization and Statistics (CAPMAS).
Egypt and EU agree 90 million euro deal to boost food security
1 min Mena Today
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 © Mena Today
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
Related
Syria
EU sends “Clear Message” of support with major aid package to Syria
The European Commissioner for the Mediterranean, Dubravka Šuica, announced on Thursday a €175 million aid package for Syria, calling it a "clear message" of support from the European Union.
Morocco
Ghana endorses Morocco's autonomy plan for Western Sahara
Ghana said on Thursday it views a Moroccan autonomy plan as the sole basis to settle the Western Sahara dispute within the framework of the UN, aligning itself with a growing number of Western, African and Arab countries that back Rabat's position on the dispute.
Subscribe to our newsletter
