$500 million.. Egypt and the UAE sign an agreement to finance wheat imports

The Ministries of International Cooperation, Finance, and the General Authority for Supply Commodities, with the Abu Dhabi Office for Exports (ADEX), affiliated to the Abu Dhabi Fund for Development, signed an agreement for a revolving financing program of $100 million for a period of 5 years, with a total of $500 million. with the aim of financing wheat imports, the agreement is the first of its kind with the Abu Dhabi Export Office of the Abu Dhabi Fund for Development.

Dr. Mohamed Maait, Minister of Finance, affirmed the Egyptian government's keenness to enhance cooperation with regional and international development partners, in order to achieve the goals of comprehensive and sustainable development. In a way that contributes to strengthening efforts to deal flexibly with the repercussions and negative effects of the war in Europe, and helps lay the foundations for food security.

He pointed out that the exceptional circumstances in the global economy, which cast a shadow over emerging economies, require more cooperation from development institutions in providing soft funds to developing countries.

Relations between Egypt and the brotherly Emirates

The minister referred to the momentum in the historical relations between Egypt and the brotherly Emirates, which enriches the areas of cooperation and raises them to broader horizons in facing global challenges, contributes to deepening development partnerships, and pushes efforts to stimulate investments in the two brotherly countries.

He explained the Egyptian side's keenness to enhance cooperation with the UAE, exchange experiences at the economic level, and in the field of developing financial policies, optimal employment of artificial intelligence in the professional management of the state's public finances, and raising the efficiency of public spending. raising the efficiency of public spending, and achieving financial, economic and development goals; In a way that enhances the path of economic recovery from the current challenges.

The minister added that we look forward to consolidating development cooperation with the Abu Dhabi Fund for Development, to support the unprecedented Egyptian march, with the aim of achieving economic and social development, and providing a decent life for citizens. Upgrading the services provided to them, along with efforts to mitigate inflationary effects on them as much as possible.

Number of development financing agreements

It is noteworthy that the Ministry of International Cooperation has worked, in light of Egypt's development vision, to stimulate food security and achieve sustainable development goals through a number of development financing agreements over the past period.

Among them is the signing of a $500 million concessional development financing agreement from the World Bank Group to enhance the resilience of the agricultural sector in Egypt and support food security efforts, in addition to a $271 million agreement with the African Development Bank Group.

In addition to a $271 million agreement with the African Development Bank Group to support the Food Security and Economic Resilience Support Program in Egypt.

In addition, the European Union's support program for food security was launched in Egypt through a grant of 100 million euros to enhance food security efforts and reduce the negative effects of global challenges.