Egypt to receive $271 mln loan from African Development Bank

During a plenary session on Monday, the House of Representatives approved the Agriculture and Irrigation Committee’s report, issuing Resolution 613 of 2022, on a loan agreement at US$271 million with the African Development Bank to support the food security and economic resilience in Egypt.

MP Ahmed al-Banna said that Egypt’s food security has faced successive crises, starting with the coronavirus pandemic which led to the disruption of supply chains, and ending with the Russian-Ukrainian war and the economic crisis that followed.

“Egypt is one of the countries most affected by the crisis, which prompted cooperation with international partners to reduce the negative impact of global crises, and strive towards achieving self-sufficiency and food security,” Banna explained.