By Abdullahi Lukman
Egypt has signed a €90 million ($93.9 million) soft funding agreement with the European Commission to enhance its grain storage and logistics infrastructure, the Ministry of International Cooperation announced Monday.
The fund is to be channeled through the European Investment Bank (EIB).
This initiative aims to strengthen Egypt’s food security amid global economic pressures and rising grain prices.
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The funding, part of the broader Food Resilience Project supported by the European Union and the World Bank, is to enable the General Authority for Supply Commodities (GASC) to improve its wheat import and storage capabilities.
This development occurs despite GASC’s replacement as the state grain buyer by Mostakbal Misr at the end of 2024.
This marks GASC’s second major financing agreement in 2025, following a $700 million loan from the Islamic Trade Finance Corporation in February, further highlighting Egypt’s commitment to securing its food supply.
Egypt, the world’s largest wheat importer, relies heavily on grain for subsidized bread, a staple for tens of millions of its citizens.
The €90 million funding is part of a larger €210 million support package, including grants and financing from the EU and World Bank, aimed at reinforcing Egypt’s food supply chain.
