EGYPT FOOD RESILIENCE

Promoter – Financial Intermediary

ARAB REPUBLIC OF EGYPT

Location

• Egypt

Description

The project will support Egypt in building resilience towards food shortages due to climate change or to food price spikes, by increasing and modernising their cereal storage and logistics infrastructure.

Objectives

In particular, the operation aims at: (i) strengthening the resilience of Egypt's food supply system by increasing the storage capacity for wheat in modern silos, thus reducing losses in grain storage and handling ; (ii) contributing to immediate food security by addressing cereal supply shortages and replenishing the country's strategic reserves.

Comments

The proposed operation is expected to be covered by the comprehensive guarantee granted to EIB under the Dedicated Investment Window 1

Sector(s)

• Agriculture, fisheries, forestry - Agriculture, forestry and fishing

Under Global Europe NDICI guarantee

Under EFSD+ Guarantee

Proposed EIB finance (Approximate amount)

EUR 150 million

Total cost (Approximate amount)

EUR 300 million

Environmental aspects

The project is expected to contribute to climate action and environmental sustainability (CA&ES) objectives, in particular to climate adaptation, which will be determined as part of the due diligence. Issues related to occupational health and safety of workers within the value chain will be assessed. The Promoter will have to comply with relevant EIB standards (notably 8-9 Labour rights and Occupational and Public Health, Safety and Security). The project will contribute towards social inclusion given the targeting of the subsidised bread program to reach the vulnerable population of the country.

Procurement

The promoter has to ensure that implementation of the project will be done in accordance with the EIB's Guide to Procurement.

Status

Approved - 14/12/2022