Egypt finances irrigation, agriculture by $100M in 2020

CAIRO – 16 March 2021: Egypt’s Ministry of International Cooperation secured $9.8 billion in development financing in 2020, of which $6.7 billion was secured for financing sovereign projects including $100 million that went to irrigation, supply and agriculture, and $3.19 billion was secured in support of the private sector.

This came in the Ministry’s 2020 annual report titled “International Partnerships for Sustainable Development: Writing the Future in a Changing Global Dynamic” reviews the efforts and allocation of development financing in cooperation with multilateral and bilateral development partners.

In a related context, Egypt inaugurated on Monday the Regional Center for Technology for Storage and Deliberation of Grains in Bargash.

Minister of International Cooperation, Rania Al-Mashat, the Minister of Supply and Internal Trade Ali Moselhi; Major General Sherif Bassili, Chairman of the Board of Directors of the EHCSS; the Ambassador of Denmark; and the Governor of Giza attended the inauguration ceremony.

Al-Mashat stated that the Regional Center for Technology for Storage and Deliberation of Grains is one of the most important projects implemented by the Egyptian Holding Company for Silos & Storage (EHCSS), through the Emirati grant for the development of the food supply processes in Egypt.

The Emirati grant has as well dedicated $300 million for the development of 25 silos.

According to the announced data, the Center is established to become a regional hub for training and preparing cadres in the field of grain storage technology, and the management and operation of silos.

In light of the inauguration, Al-Mashat applauded the strategic cooperation between Egypt and the United Arab Emirates (UAE) that led to the successful implementation of many development projects across various sectors. The center represents an important step forward in strengthening Egypt’s food security strategy and in achieving the UN Sustainable Development Goals (SDGs); namely SDG 2: Zero Hunger, SDG 8: Decent Work and Economic Growth, and SDG 12: Responsible Consumption and Production.

The Ministry of International Cooperation is keen on securing development financing agreements with multilateral and bilateral development partners across different sectors in the country, including the supply sector whose total funding amounts to $129 million from the Saudi Fund for Development (SFD) and the OPEC Fund for International Development; in addition to the Emirati grant and the development funds of the Egyptian-Italian Debt Swap Program.

Al-Mashat also pointed out Egypt’s efforts in implementing its food security strategy; as food security has become an urgent task due to the pandemic that drew the world’s attention to its importance at times of crises; reemphasizing the necessity of prior preparations to provide the basic needs for all citizens.