A delegation official said the funding aims to increase storage capacity by at least 420,000 tonnes, most of which will be for wheat and possibly other grains.
This means an increase of about 12 percent of the current wheat storage capacity in Egypt, which amounts to about 3.5 million tonnes.
The funding is part of a previously announced package to support food security worth €225 million ($240.71 million) in war-affected countries in the Middle East and North Africa in Ukraine, from which Egypt should receive 100 million euros.
The Italian Development Cooperation Agency and the European Union signed an agreement in March worth 40 million euros, to be spent on cereal and seed production projects, the creation of silos and the controlling the transport of wheat within Egypt.
Egypt is one of the world’s biggest wheat importers, and is working to boost its reserves after war in Ukraine disrupted purchases early in the crisis.
Meanwhile, the head of the African Development Bank Group, Akinwumi Adesina, said on Monday that he had spoken with Egyptian President Abdel Fattah El-Sisi about the program to be launched in cooperation between the bank and the Egypt, to expand the cultivation of heat resistant wheat, as part of Egypt’s support to the response to climate change.
Adesina added that the shocks facing the continent with respect to the effects of climate change, which have become more severe and unpredictable, highlight the need for countries to insure against risks in order to protect their people and their wealth from these shocks.
“As a result, we are working with countries to address risks through the Africa Disaster Risk Financing Initiative, which provides affected countries with risk insurance funds,” he said. .
Read the Latest World News Today on The Eastern Herald.
