Egypt directs $486Mn funding in 17 projects to support food security

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Egypts Ministry of International Cooperation has announced that the ongoing funding worth $486 million from bilateral and multilateral development partners has been allocated to 17 projects in the country.

Reportedly, these projects are scattered in 22 locations nationwide and are intended to support Egypt's strategy in pushing towards achieving the United Nations (UN) Sustainable Development Goal 2 for enhancing food security.

The move comes in line with the Egypt's hunger-eradication and food-security objectives and the US grant worth $72.5 million to the Ministry of Agriculture which influenced the agribusiness development project.

The project focuses on enhancing the competitiveness and inclusivity of Egypt’s economy by ensuring growth in certain agricultural fields. It also aims to accelerate private sector engagement, while enhancing farm productivity, agricultural products, and marketing of crops.

Notably, the Saudi Fund for Development (SFD) has provided SR 427.5 million, approximately $114 million, to finance the development of grain storage silos in several governorates. Moreover, the SFD finances the development of a water desalination plant valued at SR 362.5 million ($96.6 million) to complement the Al-Arish facility in North Sinai, which has 100,000 m3/day capacity and can be expanded to 300,000 m3/day.

As per the Ministry's ODA-SDG map, the development financing available to execute the second SDG includes $112 million in non-refundable grants and $374 million in secured funding from 11 partners.

Some of the organizations included are the FAO (Food and Agriculture Organization), the KFAED (Kuwait Fund for Arab Economic Development), and the IFAD (International Fund for Agricultural Development). These funds account for 1.89 per cent of the Ministry of International Cooperation's $25.6 billion portfolios.

As per the sources, the Ministry of Housing, Utilities and Urban Communities has undertaken to implement a project that accomplishes the second Sustainable Development Goal of Zero Hunger and also contributes to other important objectives.

Source Credit  https://www.zawya.com/mena/en/economy/story/Egypt_secures_486mln_to_implement_17_Projects_supporting_food_security-SNG_223886533/