The European Bank for Reconstruction and Development (EBRD) provided Egypt and the other four countries with $200 million in loans to strengthen agribusinesses.
According to a statement from Egypt’s Ministry of International Cooperation, the funding also aims at helping local farmers adopt climate-smart agriculture practices as well as strengthening farmers’ agribusinesses and improving their financial wellbeing through financing purchases of various agricultural commodities such as hazelnuts, dry dairy products, grain and onions in the selected countries of operation.
“As one of the only five economies across the Eastern Mediterranean, Eastern Europe and the Black Sea region to receive the loan, the EBRD will help transform Egypt’s agriculture value chain into “smart farming” through new methodologies that include climate-related risk management and stress testing” the Ministry noted in a statement.
This comes at a time when COVID-19 has multiplied the threats to food security across many levels, particularly due to the weakening of food supply chains and the instability caused by climate change.
“This demands a coordinated and collaborative approach to maximize impact and benefit from the technical assistance provided by multilateral institutions,” said Rania Al Mashat Minister of International Cooperation.
He also noted that the ministry launched its first agriculture multi-stakeholder platform in July 2020, which discussed the implications of the coronavirus pandemic on the agricultural sector and food security in order to strengthen the country’s inclusive multilateral engagement with development partners.
To help achieve the Sustainable Development Goals (SDGs) agenda, the Ministry’s Global Partnerships Narrative focuses on three main pillars: ‘People at the Core’, ‘Projects in Action’ and ‘Purpose as the Driver’. Due to this strategy, Egypt’s ministry holds a current portfolio of 13 projects worth $ 545.42 million, which have reached over 1.5 million beneficiaries that include both men and women across 27 governorates and provide 15,000 job opportunities.
The European Bank for Reconstruction and Development (EBRD) has invested over €6.5 billion in 116 projects that cover all sectors of the economy, including infrastructure, manufacturing, services, agribusiness, banking and capital markets.