Egypt and the European Commission have signed a €90m concessional funding agreement to strengthen their strategic partnership in the field of food security. The agreement, signed by the Minister of Planning, Economic Development and International Cooperation, Rania Al Mashat, the Minister of Supply and Internal Trade, Sherif Farouk, and the EU Commissioner for Mediterranean Affairs, Dubravka Šuica, on behalf of the European Investment Bank (EIB), will provide development financing for the Food Resilience Project in Egypt. The financing will be provided by the EIB for the General Authority for Supply Commodities (GASC). The project aims to increase and modernise grain storage and logistics infrastructure in Egypt, supported by the National Silos Project. This includes the General Authority for Supply Commodities' (GASC) purchasing imported wheat from international markets for milling purposes. The project will also be funded by a €100m grant from the European Union and concessional financing of €110m from the World Bank. Al Mashat said that food security is one of the government's main priorities in order to secure the state's strategic needs and hedge against global fluctuations and geopolitical tensions that affect supply chains. She added that the Ministry of Planning, Economic Development, and International Cooperation is working to strengthen international partnerships to support the national silos project, alongside continuing efforts to increase the percentage of self-sufficiency in crops through the targets of the Economic and Social Development Plan. Al Mashat explained that the agreement "is a continuation of the efforts made with multilateral and bilateral development partners to strengthen Egypt's regional and international position as a logistical center for storing and trading grains." She noted that a number of agreements were signed earlier with the World Bank and the African Development Bank to support food security efforts in Egypt. Additionally, a grant from the European Union was signed during the investment conference last June, worth €56.7m, to develop the storage capacities of wheat silos in Egypt and build additional capacities. She also mentioned that the foundation stone of the West Port Said silo with a storage capacity of 100,000 tons was laid in 2021, funded by development partners. Farouk said that the signing of the Food Resilience Project protocol "represents a strategic step towards enhancing food security in Egypt, as it contributes to the development and modernisation of grain storage infrastructure and associated logistics." The Minister of Supply and Internal Trade stated that this concessional financing, supported by the European Investment Bank, will enable the General Authority for Supply Commodities (GASC) to improve its capacity to import and store wheat more efficiently, and complements the ongoing efforts within the national silos project. European Investment Bank Vice President Gelsomina Vigliotti said, "This investment tackles a key bottleneck for more efficient and resilient food supply in Egypt." She added, "The new silos and improved logistics will help reduce food losses, strengthen food security and improve affordability of bread for millions of Egyptians." EU Ambassador-Designate and Head of the EU Delegation to Egypt Angelina Eichhorst said, "This investment reflects the EU's strong commitment to supporting Egypt's efforts to enhance its food security." She added, "This project will have a significant positive impact on the lives of millions of Egyptians, especially the most vulnerable."
