African Development Bank grants Egypt $271mln for food security, private sector

PHOTO

The African Development Bank (ADB) has granted Egypt $271 million to support Egypt’s Food Security and Economic Resilience Program, according to a press release on July 18th.

The assistance package aims to mitigate the global impact of the Russian-Ukrainian war on the Egyptian economy.

The program includes assistance in the areas of food security and the development of the private sector. It will boost agricultural productivity and sustainability by providing additional incentives to local farmers.

Under the program, local farmers will have more access to subsidized fertilizers to be more incentivized to grow wheat.

The program will support the private sector’s fiscal resilience.

“This new operation integrates emergency measures as well as structural measures. Its objectives: strengthen food security and improve the resilience of the private sector and public finances,” ADB’s Director General for North Africa Mohamed El Azizi said.