Egypt has signed a €90 million ($93.9 million) funding deal with the European Commission to strengthen food security and improve grain storage, the Ministry of International Cooperation announced on Monday.
The European Investment Bank (EIB) is providing the funds to modernize Egypt’s wheat supply chain. This initiative is part of the Food Resilience Project, which has received €210 million ($219.3 million) from the European Union and the World Bank. The goal is to reduce post-harvest losses, improve logistics, and ensure a stable wheat supply.
The funding will help the General Authority for Supply Commodities (GASC) import and store wheat more efficiently. Last year, the government replaced GASC with the military-affiliated Mostakbal Misr as the state’s main grain buyer. However, GASC continues to secure financing for wheat imports.
This is GASC’s second major funding deal this year. On February 4, it signed a $700 million loan agreement with the Islamic Trade Finance Corporation to strengthen food security.
Egypt is the world’s largest wheat importer. The grain is essential for producing subsidized bread, which millions of Egyptians rely on daily. As global food prices rise, securing international funding and upgrading infrastructure are key to protecting the country’s food supply.