World Bank agrees $500m to help Egypt fund wheat purchases

Jun 28, 2022, 4:49 PM | Updated: Jun 29, 2022, 5:47 am
FILE - A worker collects Egyptian traditional 'baladi' flatbread, at a bakery, in el-Sharabia, Shub...

FILE - A worker collects Egyptian traditional 'baladi' flatbread, at a bakery, in el-Sharabia, Shubra district, Cairo, Egypt, Wednesday, March 2, 2022. Egypt will receive a $500 million loan from the World Bank to help finance its wheat purchases as prices skyrocket because of the Russian invasion of Ukraine, the Bank said Wednesday. The funds, approved Tuesday by the World Bank Board of Executive Directors, aim at supporting Egypt’s efforts to provide subsidized bread to poor and vulnerable households, it said. (AP Photo/Nariman El-Mofty, File)

(AP Photo/Nariman El-Mofty, File)

CAIRO (AP) — Egypt will receive a $500 million loan from the World Bank to help finance its wheat purchases as prices skyrocket because of the Russian invasion of Ukraine, the bank said Wednesday.

The funds, approved Tuesday by the World Bank Board of Executive Directors, aim at supporting Egypt’s efforts to provide subsidized bread to poor and vulnerable households, it said.

It said the funds will help the government of the Arab world’s most populous country finance procurement of imported wheat.

“This emergency operation comes at a very critical juncture when the food security of many countries is threatened by the war in Ukraine,” said Marina Wes, World Bank Country Director for Egypt Yemen, and Djibouti.

Egypt is the world’s largest wheat importer, and the country’s supply is subject to price changes on the international market. The war in Europe has already hiked prices of the grain since both Russia and Ukraine export nearly a third of the world’s wheat.

Around 70 million Egyptians rely on government-subsidized bread, mostly made from imported wheat. Around a third of Egypt’s over 103 million people live in poverty, according to official figures.

The government has been struggling to keep bread prices at their current level and has already allowed private bakeries to increase prices.

The government said earlier this month that it plans to cut its imports of wheat by 500,000 tons a year, or around 10%. It will import up to 5.5 million tons in the next fiscal year which starts July 1, according to Supply Minister Ali el-Moselhy.

Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

AP

FILE - The headquarters of the German biotechnology company "BioNTech" is pictured in Mainz, German...
Associated Press

BioNTech reports strong first half, expects demand to grow

BERLIN (AP) — BioNTech, which teamed with Pfizer to develop a powerful COVID-19 vaccine, has reported higher revenue and net profit in the first half of the year and expects demand to grow as it releases updated vaccines to target new omicron strains. The German pharmaceutical company said Monday that revenue hit about 9.57 billion […]
1 day ago
Secretary of State Antony Blinken is greeted by South Africa's Foreign Minister Naledi Pandor as he...
Associated Press

US Secretary of State Blinken sees South African counterpart

JOHANNESBURG (AP) — South Africa’s stance on Russia’s war in Ukraine and the adverse effects of the conflict on African countries are expected to feature in a meeting between U.S. Secretary of State Antony Blinken and South Africa’s Minister of International Relations Naledi Pandor on Monday. Blinken is in South Africa as part of a […]
1 day ago
FILE - Former German Chancellor Gerhard Schroeder arrives to attend the St. Petersburg Internationa...
Associated Press

Scholz party rejects bid to expel German ex-leader Schroeder

BERLIN (AP) — Local officials with German Chancellor Olaf Scholz’s party rejected a bid to expel former Chancellor Gerhard Schroeder over his close ties to Russia, the news agency dpa reported Monday. An arbitration committee of the center-left Social Democrats’ branch in Hannover, where Schroeder lives, considered 17 applications from party members for proceedings against […]
1 day ago
In this aerial image, taken by a drone from the environmental group Sea Shepherd, shows a Beluga wh...
Associated Press

Efforts to feed Beluga whale in France’s Seine fail so far

PARIS (AP) — Efforts to feed a dangerously thin Beluga whale that has strayed into the Seine River in France have failed so far and experts are now trying to get the whale out of the river lock where it is stuck, environmentalists said Monday. The marine conservation group Sea Shepherd France tweeted Monday that […]
1 day ago
FILE - Greece's Prime Minister Kyriakos Mitsotakis stands outside Maximos Mansion in Athens, May 6,...
Associated Press

Greek PM ‘unaware’ of prominent politician’s wiretap

ATHENS, Greece (AP) — Greece’s prime minister said Monday he was unaware that the country’s intelligence service had been bugging an opposition politician’s mobile phone for three months, insisting that he wouldn’t have allowed it had he known. Kyriakos Mitsotakis, who faces elections next year, made the remarks in a televised address to the nation […]
1 day ago
Mourners attend an annual procession commemorating Ashoura which marks the death anniversary of Ima...
Associated Press

Shiite Muslims in Mideast mark solemn holy day of Ashoura

TEHRAN, Iran (AP) — Millions of Shiite Muslims — from Iran to Afghanistan and Pakistan — were marking the festival of Ashoura on Monday, one of the most emotional occasions in their religious calendar, commemorating the 7th century martyrdom of the Prophet Muhammad’s grandson Hussein. Security forces, particularly in Taliban-run Afghanistan, were on high alert […]
1 day ago

Sponsored Articles

Work at Zum Services...

Seattle Public Schools announces three-year contract with Zum

Seattle Public Schools just announced a three-year contract with a brand-new company to the Pacific Northwest to assist with their student transportation: Zum.
Swedish Cyberknife 900x506...

June is Men’s Health Month: Here’s Why It’s Important To Speak About Your Health

According to the Centers for Disease Control and Prevention, men in the United States, on average, die five years earlier than women.
...

Anacortes – A Must Visit Summertime Destination

While Anacortes is certainly on the way to the San Juan Islands (SJI), it is not just a destination to get to the ferry… Anacortes is a destination in and of itself!
...

Ready for your 2022 Alaskan Adventure with Celebrity Cruises?

Celebrity Cruises SPONSORED — A round-trip Alaska cruise from Seattle is an amazing treat for you and a loved one. Not only are you able to see and explore some of the most incredible and visually appealing natural sights on the planet, but you’re also able to relax and re-energize while aboard a luxury cruise […]
...

Compassion International Is Determined to ‘Fill’ a Unique Type of Football ‘Stadium’

Compassion International SPONSORED — During this fall’s football season—and as the pandemic continues to impact the entire globe—one organization has been urging caring individuals to help it “fill” a unique type of “stadium” in order to make a lasting difference in the lives of many. Compassion International’s distinctive Fill the Stadium (FtS, fillthestadium.com) initiative provides […]
...

What are the Strongest, Greenest, Best Windows?

Lake Washington Windows & Doors SPONSORED — Fiberglass windows are an excellent choice for window replacement due to their fundamental strength and durability. There is no other type of window that lasts as long as fiberglass; so why go with anything else? Fiberglass windows are 8x stronger than vinyl, lower maintenance than wood, more thermally […]
World Bank agrees $500m to help Egypt fund wheat purchases