World Bank agrees $500m to help Egypt fund wheat purchases

Jun 29, 2022, 4:49 AM | Updated: 6:13 am
FILE - A worker collects Egyptian traditional 'baladi' flatbread, at a bakery, in el-Sharabia, Shub...

FILE - A worker collects Egyptian traditional 'baladi' flatbread, at a bakery, in el-Sharabia, Shubra district, Cairo, Egypt, Wednesday, March 2, 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 invasion of Ukraine, 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. (AP Photo/Nariman El-Mofty, File)

(AP Photo/Nariman El-Mofty, File)

CAIRO (AP) — Egypt will receive a $500 million loan from the World Bank to help finance its wheat purchases as prices skyrocket because of the Russian invasion of Ukraine, 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.

Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

AP

Associated Press

Brad Pitt foundation reaches settlement over Louisiana homes

BATON ROUGE (AP) — Brad Pitt’s Make It Right Foundation and homeowners of the houses built by the program, in an area of New Orleans among the hardest hit by Hurricane Katrina, have reached a $20.5 million settlement. The Times-Picayune ‘ The New Orleans Advocate reported Wednesday that, pending approval by a judge, each of […]
16 hours ago
FILE - Alex Jones talks to media during a midday break in his trial at the Travis County Courthouse...
Associated Press

Alex Jones’ lawyer faces disciplinary hearing in Connecticut

HARTFORD, Conn. (AP) — A lawyer for conspiracy theorist Alex Jones is facing scrutiny from a Connecticut judge, who began hearing testimony Wednesday on whether the lawyer should be disciplined for giving other attorneys for Jones highly sensitive documents, including medical records of relatives of victims of the Sandy Hook Elementary School shooting. Attorney Norman […]
16 hours ago
Associated Press

5 Great Danes attack, kill owner in northwest Iowa

ROSSIE, Iowa (AP) — A northwest Iowa woman who was found in a ditch died after being attacked by her five Great Danes, authorities said Wednesday. A man found the woman in a rural area of Clay County on Monday but couldn’t get close to her because of several large dogs, according to KTIV-TV. The […]
16 hours ago
FILE - Hadi Matar, 24, center, arrives for an arraignment in the Chautauqua County Courthouse in Ma...
Associated Press

Salman Rushdie attacker ‘surprised’ the author survived

MAYVILLE, N.Y. (AP) — The man charged with stabbing Salman Rushdie on a lecture stage in western New York said in an interview that he was surprised to learn the accomplished author had survived the attack. Speaking to the New York Post from jail, Hadi Matar said he decided to see Rushdie at the Chautauqua […]
16 hours ago
Associated Press

Amazon testing TikTok-style feed on its app, AI firm says

NEW YORK (AP) — Amazon appears to be getting the TikTok bug, joining other companies seeking to hold consumers’ attention by introducing replicas of the popular social platform. The e-commerce giant has been testing a feed on its app that enables shoppers to scroll through TikTok-like photos and videos of products posted by other users. […]
16 hours ago
Associated Press

Probe opened into Denver police shooting that injured 6

DENVER (AP) — Denver’s district attorney says she is opening a grand jury investigation into the actions of three police officers who wounded six bystanders while shooting at an armed suspect in a crowded downtown Denver nightlife zone last month. The officers had already been placed on administrative leave pending a separate internal investigation into […]
16 hours ago

Sponsored Articles

...
Day & Night Air Conditioning, Heating and Plumbing

Ways to prevent clogged drains and what to do if you’re too late

While there are a variety of ways to prevent clogged drains, it's equally as important to know what to do when you're already too late.
(Courtesy Condor)...
Condor Airlines

Condor Airlines shows passion for destinations from Sky Harbor with new-look aircraft

Condor Airlines brings passion to each flight and connects people to their dream destinations throughout the world.
...
Carla Berg, MHS, Deputy Director, Public Health Services, Arizona Department of Health Services

Update your child’s vaccines before kindergarten

So, your little one starts kindergarten soon. How exciting! You still have a few months before the school year starts, so now’s the time to make sure students-to-be have the vaccines needed to stay safe as they head into a new chapter of life.
World Bank agrees $500m to help Egypt fund wheat purchases