Tuesday 8 November 2022
Last update on Tuesday, November 8, 2022 At 7:00 AM
The funds, which will be granted to the most populous country in the Arab world in the form of loans, will be used to strengthen the production, storage and transport of food products.
The International Fund for Agricultural Development (IFAD), the European Bank for Reconstruction and Development (EBRD) and the African Development Bank (AfDB) will mobilize $2 billion in financing to boost food security in Egypt, Bloomberg reported on Monday. October 31, quoting a UN fund executive.
“This envelope is intended to strengthen the production, storage and transport of food products, and to connect markets to smallholders,” said IFAD President Alvario Lario.
The funds are expected to be given to the Egyptian government in the form of loans, by 2030, as part of a program to help the most populous country in the Arab world cope with climate change, by mobilizing financing for projects green in the agriculture, water and energy sectors.
Called “Nexus of Water, Food and Energy (NWFE)”, this program announced by the Egyptian government last July has received the support of the American special envoy for the climate, John Kerry, who sees in it a model of development programs. designed to deal with the impacts of climate change.
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