|Approval Date||15 Jul 2022|
|Signature Date||20 Nov 2022|
|Planned Completion Date||31 Dec 2023|
|Sovereign / Non-Sovereign||Sovereign|
|DAC Sector Code||11330|
The proposed operation is an ADB Loan of USD 271 million to the Arab Republic of Egypt to finance the Food Security and Economic Resilience Support Program (FSER-SP). This program is, therefore, an integrated intervention on the urgent measures and structural aspects linked to the resilience of the economy, which are complementary and necessary to face the current situation. It results from a request of the Government of Egypt (GoE) in March 2022 to support its efforts to mitigate the impact of the global compounded shocks caused by the Russia-Ukraine conflict on the domestic economy and preserve resilience. It is designed under the multi-donor stand-alone budget support for Egypt (USD 97,3 million) involving the AfDB and other co-financiers, and the African Emergency Food Production Facility (AEFPF) (USD 173,7 million). The FSER-SP is comprised of two components: (i) Support for the Food Security Response; and (ii) Building Private Sector and Fiscal Resilience. The program will contribute to strengthening food security and resilience of the Egyptian economy, with particular emphasis on increasing national agricultural productivity, mitigating food security risks, and enhancing private sector and fiscal resilience.
The FSER-SP supports immediate and long-term goals, as presented in the global matrix. It aims to contribute to strengthening food security and resilience of the Egyptian economy. Mitigating the impact of the international geopolitical situation on food security in Egypt requires a dual intervention by implementing preliminary measures that respond to the emergency, and structural measures that strengthen the resilience of the economy.
The program’s direct beneficiaries are the Egyptian State, through the MOF, as the program amount will be added to the State budget, and farmers as they will benefit from additional incentives for wheat production. Vulnerable population in Egypt will also directly benefit from the program, as they will benefit from urgent measures to mitigate the impact of the Russia-Ukraine conflict, notably on food affordability, availability, quality and safety. The program sets out strong measures for private sector development which, once implemented, will help improve investment conditions, including for Small and Medium Enterprises (SMEs), especially women owned SMEs.
African Development Bank
GOVERNMENT OF EGYPT
|Last Update||02 Feb 2023|
|30.05 31.65||Cairo Governorate|