EIB Offers Egypt €150 Million for Food Sector

0
108

Photo credit: EPA Photo/Daily Sabah

The European Investment Bank (EIB) is set to provide Egypt with a EUR 150 million (EGP 3.8 billion) grant, to assist with local and global food shortages, announced Eefje Schmid, head of the Policy and Impact Unit at EIB Global Strategy and Partnerships Department.

The EIB will also be giving Egypt USD 10 billion (EGP 245 billion) between 2023 and 2030 in order to foster the energy sector, Schmid explained. She also noted that the EIB allocates at least EUR 1 billion annually to Egypt.

In addition to both grants, the EIB is keen on finalizing its EUR 78 million (EGP 1.9 billion) agreement with Cairo to help implement two wastewater projects in Helwan and Fayoum, and continue its spend of EUR 290 million (EGP 7.3 billion) to develop sustainable transport in the Delta region.

This comes amid the wider context of the EIB’s continued investment in accelerating climate action and clean energy across the world, Africa included.

Egypt has been battling aggressive inflation, water poverty, and food shortages as a result of global scarcity, which only deepened by the Russia-Ukraine war. This is largely due to the country’s dependence on imports to meet its local demand. The Egyptian government has made moves to combat this scarcity by implementing penalties on those withholding strategic goods, and developing large-scale agricultural projects in order to lessen its reliance on foreign imports and increase domestic output.

The post EIB Offers Egypt €150 Million for Food Sector first appeared on Egyptian Streets.

Source: egyptianstreets