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Monday, 6 June 2022

New EU funding for food security headed to silos + agri-SMEs

EU funding to bolster wheat storage capacity, small farmers: The EUR 100 mn in food security funding announced by the EU in April will go towards upgrading Egypt’s wheat storage capacity and supporting SMEs in the agricultural sector, EU Commissioner for Neighbourhood and Enlargement Olivér Várhelyi said on social media last week following his visit to Cairo. Three-quarters of the money will be spent on new siloes that will enable Egypt to store another 300k tons of wheat, and the remaining EUR 25 mn will fund ins. schemes and machinery for small farmers.

We could receive another USD 117.5 mn for upping storage capacity if the World Bank approves a USD 500 mn food security programme that would also allow us to import another 700k tons of wheat.

SPEAKING OF WORLD BANK SUPPORT- Foreign Minister Sameh Shoukry sat down with visiting WB executives to discuss the potential support the bank could offer to help us get through the volatility spurred by war in Ukraine, according to a Foreign Ministry statement. Shoukry laid out at the meeting the government's plan to attract investment, develop the EGX, and help citizens through the crisis, the statement read.

Other things we’re keeping an eye on this morning:

  • Customers of microfinance platform Tanmeyah can now make payments through Fawry after the two companies signed an agreement. (Al Mal)
  • The Trade Ministry has extended anti-dumping duties on Turkish, Chinese and Ukrainian iron imports for another year. (Statement, pdf)
  • UAE-based renewables fund manager Alcazar Energy wants to partner with our government on solar, wind, green hydrogen, and green desalination projects. (Cabinet statement)
  • Real estate developer Egics Development is investing EGP 450 mn in the Egyptian market, starting with a project in the new administrative capital. (Zawya)

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