Egypt asks World Bank for $500 million to buy wheat
Egypt is asking the World Bank for $500 million to cover its wheat needs in light of the ongoing war in Ukraine.
CAIRO — The Egyptian government asked the World Bank in late May to obtain $500 million to finance the Emergency Food Security and Resilience Support Program, which is aimed at managing Egypt’s needs for imported wheat in light of the ongoing repercussions of the Russian war in Ukraine on global markets.
According to a document issued by the World Bank in May regarding the program, “The immediate food security impacts of the Ukraine war are particularly pronounced on countries heavily dependent on Ukrainian and Russian grain imports. As the largest importer of wheat in the world, the Ukraine war has delivered a major shock to Egypt.”
Egypt's wheat imports cover nearly 62% of the country's total wheat needs; about 85% of these imports come from Russia and Ukraine, the document states.
It further noted that “the effect of the Ukraine war on global wheat prices has increased Egypt’s food import bill.”
