Egypt buys 815,000 tons of wheat for $380 million

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On Wednesday, the General Authority for Supply Commodities contracted to purchase 815,000 tons of wheat for more than $380 million.

This coincided with the World Bank’s approval of a $500 million loan to support Egypt’s efforts to ensure the continuation of subsidizing bread that reaches more than 70 million Egyptians, modernizing and expanding wheat silos and improving the local production of grain sustainably.

The European Union had announced the provision of an aid package worth 103 million euros to Egypt to face the repercussions of the global food crisis. This was stated by the President of the European Commission, Ursula von der Leyen, during a joint press conference last month with Egyptian President Abdel Fattah El-Sisi in Cairo. Von der Leyen said that the European aid package to Egypt is intended to address the country’s grain shortage crisis. She added that aid includes urgently granting Egypt 100 million euros to boost grain stocks and investing 3 billion euros in food production over the coming years.

The Group of Seven also issued a joint statement confirming that it is committed to supporting Egypt during the crisis.