Back to the complete issue
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)

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.