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EU provides $104 million to Egypt to cope with rising food prices

Published: Updated:

The EU will provide 100 million euros ($104 million) to Egypt to help it cope with rising food prices, EU Commission President Ursula von der Leyen announced on Wednesday.

Speaking at a joint press conference alongside Egypt’s President Abdel Fattah al-Sisi in Cairo, von der Leyen said the immediate relief of 100 million euros to Egypt aims to help the country face “the immediate situation of food security” which has resulted from the Russia-Ukraine war.

“This will hopefully help to increase the grain storage capacity and will provide finance for rural businesses and farmers,” she said.

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Von der Leyen noted that the EU will devote 3 billion euros to agriculture, nutrition, water, and sanitation programs over the next few years in the region for the purpose of supporting food systems in the region and elsewhere.

Sisi thanked von der Leyen for her visit to Egypt, noting that his country is keen on improving cooperation with the EU particularly amid the “difficult economic and political circumstances” which the world currently faces.

Commenting on current economic global challenges, Sisi said that he and von der Leyen agreed on the importance of coordinated international efforts with all partners to mitigate the consequences of the food crisis particularly in countries that are most affected by it.

He also said that his talks with the EU official focused on improving cooperation between Egypt and the EU in the energy sector.

“We agreed on laying the foundation of a strategic partnership in this sector which is vital for the future of development,” the president said, adding that talks also discussed investments to develop infrastructure to produce green hydrogen as a source for clean energy.

Earlier on Wednesday, Israel, Egypt, and the EU signed a memorandum of understanding (MoU) to boost natural gas exports to Europe.

The conflict in Ukraine has fueled a global food crisis, with surging prices for grains, cooking oils, fuel, and fertilizer.

Russia and Ukraine account for nearly a third of global wheat supplies, while Russia is also a key fertilizer exporter and Ukraine a major supplier of corn and sunflower oil.

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