Tuesday May 21st, 2024
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IFAD Supports Food Security in Egypt With USD 2 Billion Loan

The loan will be lent gradually until 2030, and will support small-scale Egyptian farmers in rural areas.

Cairo Scene

IFAD Supports Food Security in Egypt With USD 2 Billion Loan

Agriculture is one of the many sectors hindered by climate change. In anticipation of agricultural challenges affecting the entire region, the International Fund for Agricultural Development (IFAD) has loaned USD 2 billion to Egypt to support the nation’s food security. The loan will be lent gradually until 2030, and will support small-scale Egyptian farmers in rural areas. 

The IFAD loan is part of the Egyptian government’s Nexus of Water, Food, and Energy programme, which will be announced at the upcoming COP27 UN Climate Change Conference in Sharm El Sheikh. The IFAD - a UN-specialized agency that works in rural areas in countries in the global south - will manage the food-related aspect of the loan, while the European Bank for Reconstruction and Development will lead the energy aspect, and the African Development Bank will coordinate water investments.

IFAD has led fourteen projects in Egypt since 1977, investing USD 520 million so far and supporting 1.2 million Egyptian households.

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