Egypt Get $2 Billion IFAD Climate Funds to Boost Food Security
- Contribution will be part of Egypt’s food, water, energy drive
- EBRD to lead energy response, AfDB water part of program
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The United Nations’ International Fund for Agricultural Development and partner organizations will provide $2 billion in finance to boost food security in Egypt as part of the North African country’s drive to increase investment in food, water and energy.
The contribution will be channeled to the Egyptian government through loans until 2030 and will be part of the Nexus of Water, Food and Energy. NWFE is a program designed to accelerate the achievement of Egypt’s climate goals that will be announced at the COP27 international climate conference next month, IFAD said in a response to queries. The funding will be targeted at small-scale, rural farmers.