AfDB allocates Egypt $271m credit line to finance food security and economic resilience program
The African Development Bank Board of Directors approved a loan of USD 271 million to finance Egypt’s Food Security and Economic Resilience Support Program to support efforts to mitigate the impact of the global shocks on the domestic economy from the Russia-Ukraine conflict and to preserve resilience, Abidjan-based bank said in a statement.
The program includes two major components: Support for the Food Security Response and Build Private Sector and Fiscal Resilience.
The first component seeks to increase national agricultural productivity and mitigate food security risks for people in vulnerable situations, the statement said.
The second will help enhance Egypt’s private sector and fiscal resilience as a resilient private sector can be instrumental in reducing the economic and social impacts of the exogenous shocks.
“This new operation integrates emergency measures as well as structural measures. Its objectives: strengthen food security and improve the resilience of the private sector and public finances,” said Mohamed El Azizi, African Development Bank Director General for North Africa.