Saudi population reaches 35.3 million in 2024, majority under 65    Makkah Deputy Emir leads washing of Holy Kaaba    Al-Jadaan: Economic transformation thrives on partnership    Saudi citizen and Yemeni resident convicted in perfume trade concealment case in Riyadh    GASTAT: Industrial Production Index rises by 1.5% in May    Saudi Arabia to introduce AI curriculum across all school levels starting 2025    At Geneva World Summit, Saudi Arabia highlights great strides in digital leadership    Saudi Arabia updates road code to support autonomous vehicles and smart mobility    Children queuing for supplements killed in Israeli strike in Gaza    North Korean defector to sue Kim Jong Un for abuse    Theo Hernández: Al Hilal can compete with Europe's best    Abdullah Al-Qaisoom wins silver at Asian Youth and Junior Weightlifting Championship    Aubameyang's future at Al Qadsiah in doubt after cryptic post comparing Saudi League strikers    SFDA approves 'Winrevair' for rare pulmonary hypertension treatment    Trump threatens 50% tariffs on Brazil if it doesn't stop the Bolsonaro 'witch hunt' trial    Trump praises 'good English' of Liberian president, prompting criticism across Africa    HONOR returns to Esports World Cup as Official Smartphone Partner for 2025 The renewed commitment will see HONOR elevate mobile esports competition with cutting-edge AI technologies and industry-leading hardware    Michael Madsen, actor of 'Kill Bill' and 'Reservoir Dogs' fame, dead at 67    BTS are back: K-pop band confirm new album and tour    'How fragile we are': Roskilde Festival tragedy remembered 25 years on    Sholay: Bollywood epic roars back to big screen after 50 years with new ending    Ministry launches online booking for slaughterhouses on eve of Eid Al-Adha    Shah Rukh Khan makes Met Gala debut in Sabyasachi    Pakistani star's Bollywood return excites fans and riles far right    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



World Bank agrees $500 million to help Egypt fund wheat purchases
Published in The Saudi Gazette on 30 - 06 - 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-Ukraine crises, 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. — Agencies


Clic here to read the story from its source.