Wed, 19 Aug 2020 - 03:46 GMT
EBRD logo- Reuters
CAIRO – 19 August 2020: The European Bank for Reconstruction and Development (EBRD) provided Egypt and other four countries with $200 million loan to strengthen agribusinesses and help local farmers adopt climate-smart agriculture practices, Ministry of International Cooperation announced Wednesday in a statement.
According to the statement, the loan will also strengthen farmers’ agribusinesses and improve their financial wellbeing through financing purchases of various agricultural commodities such as hazelnuts, dry dairy products, grain and onions in selected countries of operation.
“As one of the only five economies across the Eastern Mediterranean, Eastern Europe and the Black Sea region to receive the loan, the EBRD will help transform Egypt’s agriculture value chain into “smart farming” through new methodologies that include climate-related risk management and stress testing” the Ministry noted in a statement.
This comes in light of the COVID-19 pandemic, which has multiplied the threats to food security across many levels, particularly due to the weakening of food supply chains and the instability caused by climate change.
“This demands a coordinated and collaborative approach to maximize impact and benefit from the technical assistance provided by multilateral institutions,” Minister of International Cooperation Rania Al Mashat said.
Al Mashat noted that to strengthen Egypt’s inclusive multilateral engagement with development partners, the ministry launched its first agriculture multi-stakeholder platform in July 2020, which discussed the implications of the coronavirus pandemic on the agricultural sector and food security.
The Ministry’s Global Partnerships Narrative focuses on three main pillars: ‘People at the Core’, ‘Projects in Action’ and ‘Purpose as the Driver’ to help achieve the Sustainable Development Goals (SDGs) agenda. Following this strategy, the ministry hold a current portfolio of 13 projects worth $ 545.42 million, which have reached over 1.5 million beneficiaries that include both men and women across 27 governorates and provide 15,000 job opportunities.
Egypt is a founding member of the European Bank for Reconstruction and Development (EBRD) which have invested over €6.5 billion in 116 projects that cover all sectors of the economy, from infrastructure to manufacturing and services, and from agribusiness to banking and capital markets.