The European Investment Bank (EIB) today announced a EUR 90 million investment to bolster Egypt's food security and resilience. 

The EIB loan will be used to increase Egypt’s strategic wheat reserves and help to reduce the impact ofsupply shocks due to disruptions in the international cereal markets, climate change and adverse weather events. The food security and resilience initiative will also contribute to improving nutrition and public health as well as enhancing social stability in the country. 

This project is part of a wider initiative with Egyptian and European partners to upgrade grain silo and storage infrastructure in Egypt. The EIB will provide permanent working capital for grain purchases, ensuring the country can meet its needs during times of global market volatility. 

This engagement will help Egypt to operate modern grain storage facilities and increase strategic grain reserves, reducing waste and benefiting millions of Egyptians. 

Minister of Planning, Economic Development & International Cooperation H.E. Dr. Rania A. Al-Mashat said: "Investing in food security is a cornerstone of our commitment to building resilience, making people the foundation of economic development and effective international cooperation. Through our strategic partnership with the EU and the EIB, the wider initiative supported by this project aims to enhance and modernize Egypt's grain storage and logistics infrastructure. By increasing our strategic wheat reserves, we are safeguarding livelihoods and strengthening resilience against global market disruptions and climate challenges."

EU Commissioner for Mediterranean Dubravka Suica said, “The signing of the EUR 90 million with EIB to enhance food resilience by buying wheat is a highlight of my visit. This is a testament of our ongoing collaboration in addressing critical challenges, including food security.”

“This investment tackles a key bottleneck for more efficient and resilient food supply in Egypt,” said Gelsomina Vigliotti, European Investment Bank Vice President. “The new silos and improved logistics will help reduce food losses, strengthen food security and improve affordability of bread for millions of Egyptians.” 

Egypt, one of the world’s largest wheat importer, has been significantly impacted by the invasion of Ukraine, which has disrupted global wheat supplies and driven up prices. 

The EIB backed project will complement broader food security investment taking place in Egypt including construction of new storage facilities at the Damietta port and inland, replacing outdated 'open sky' grain storage, which suffers from high losses.  

This investment demonstrates the EIB's commitment to supporting sustainable development in Egypt and its close partnership with the Egyptian government.  

About EIB Global

EIB Global is the EIB Group’s specialised arm dedicated to increasing the impact of international partnerships and development finance.  EIB Global is designed to foster strong, focused partnership within Team Europe, alongside fellow development finance institutions, and civil society. EIB Global brings the Group closer to local people, companies and institutions through our offices across the world.