The World Bank\u2019s (WB) Board of Executive Directors announced its approval on Wednesday of a $500-million-loan to back Egypt\u2019s social protection net and food security in the face of the impacts of the Russian-Ukrainian War.<\/p>\n
The loan will be dedicated to executing the new Emergency Food Security and Resilience Support Project.<\/p>\n
The loan will support Egypt by mobilising immediate short-term relief to address supply and price shocks while simultaneously bolstering Egypt\u2019s longer-term food security strategy and improved nutrition for the poor and vulnerable, the WB expounded.<\/p>\n
Moreover, it aims to support the country\u2019s efforts to ensure that poor and vulnerable households have uninterrupted access to bread, strengthen Egypt\u2019s resilience to food crises, and support reforms in food security policies to improve nutritional outcomes.<\/p>\n
According to the WB, the Emergency Food Security and Resilience Support Project will help cushion the impact of the war in Ukraine on food and nutritional security in Egypt.<\/p>\n
\u201cThe Russian Federation and Ukraine are the world\u2019s largest wheat exporters, and the war has driven up prices and created nutritional shortfalls, particularly for people who rely on bread for their daily nutritional needs,\u201d the WB explained.<\/p>\n
It added that bread is a staple commodity in Egypt and that the new project is meant to link wheat imports to direct assistance to the poor and vulnerable population through Egypt\u2019s Bread Subsidy Programme.<\/p>\n
\u201cThis project supports the government\u2019s strong commitment to ensuring that the needs of citizens continue to be met even amid a very challenging global context caused by concomitant crises such as the COVID-19 pandemic and the war in Ukraine. In addition to ensuring sustained food security, this project supports national climate efforts by increasing agricultural resilience,\u201d said Minister of International Cooperation Rania Al-Mashat.<\/p>\n
The WB expounded that the project will finance the public procurement of a month\u2019s supply of imported wheat for the Bread Subsidy Programme, which supports around 70 million low-income Egyptians, including around 31 million people under the national poverty line.<\/p>\n
It will also support national efforts to lower waste and loss in the wheat supply chain by upgrading and expanding climate-resilient wheat silos, sustainably improving domestic cereal production, and boosting Egypt\u2019s preparedness and resilience against future shocks.<\/p>\n
\u201cA significant number of households in Egypt reduced their food consumption during the COVID-19 pandemic, which could have a lasting impact on the nutrition and cognitive development of young children. An improved nutritional strategy \u2014 including through balanced diets \u2014 is a key element of this project,\u201d the WB noted.<\/p>\n
\u201cThis emergency operation comes at a very critical juncture when the food security of many countries is threatened by the war in Ukraine,\u201d said Marina Wes, the WB\u2019s country director for Egypt, Yemen, and Djibouti.<\/p>\n
She added that this facility is part of the WB\u2019s broader efforts to support Egypt\u2019s green, inclusive, and resilient recovery.<\/p>\n
\u201cAs always, we are keen to continuously support Egypt in overcoming obstacles to its ambitious sustainable development plans and to further enable the country to pave the way for a prosperous and productive future for all its citizens,\u201d Wes stressed.<\/p>\n
Consequently, the project incorporates climate change efforts through investments to modernise wheat silos in Egypt to reduce wheat waste and loss, as well as introducing training programmes that promote climate-smart agricultural practices to farmers.<\/p>\n","protected":false},"excerpt":{"rendered":"
The World Bank\u2019s (WB) Board of Executive Directors announced its approval on Wednesday of a $500-million-loan to back Egypt\u2019s social protection net and food security in the face of the impacts of the Russian-Ukrainian War.<\/p>\n","protected":false},"author":2,"featured_media":320127,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[22,33],"tags":[64],"class_list":["post-325752","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","category-main","tag-world-bank"],"yoast_head":"\n