Egypt And The European Commission Sign The 90 Million Euro Food Security Funding Agreement

JAKARTA - Egypt and the European Commission have signed a software funding agreement worth 90 million euros ($93.9 million) to increase food security.

Funding for ang is provided by the European Investment Bank (EIB), aiming to improve Egypt's grain storage and logistics infrastructure.

This initiative is part of a wider Food Security Project, which also received support from the European Union and the World Bank, with an additional grant and financing of 210 million euros ($219.3 million).

Reported by Reuters on Monday, March 3, the Egyptian Ministry of International Cooperation explained the agreement would allow the General Authority for Commodity Supply (GASC) to increase its capacity to import and store wheat more efficiently.

This is the second time this year GASC has received financing to import wheat, although the position of buyer of the country's wheat has been replaced by Mostakbal Misr, who was military-affiliated at the end of last year.

On February 4, GASC signed a $700 million loan agreement with the Islamic Trade Finance Corporation to increase its food security efforts.

Egypt is the largest wheat importer in the world, because the wheat is mainly used to produce subsidized bread for tens of millions of Egyptian citizens.