Egypt Gets $2 Billion IFAD Climate Fund to Boost Food Security | Techno Glob


Article content

(Bloomberg) — The United Nations International Fund for Agricultural Development and partner organizations will provide $2 billion in financing to boost food security in Egypt as part of the North African country’s drive to increase investment in food, water and energy.

Article content

This contribution will be made through a loan to the Egyptian government until 2030 and will be part of the nexus of water, food and energy. The NWFE is a program designed to accelerate Egypt’s achievement of climate goals that will be announced at the COP27 international climate conference next month, IFAD said in response to questions. This fund will be given to small scale industries, farmers in rural areas.

Article content

IFAD will lead the coordination of the food part of the program while the European Bank for Reconstruction and Development will lead the energy part of the program. The African Development Bank will oversee the water investment.

The NWFE program comes as Africa, which has contributed little to climate change in the form of emissions, struggles with extreme weather from rising seas, hurricanes and frequent droughts and floods. This poses a threat to the food security of countries in the continent.

The money is for “production, food storage and food transportation,” IFAD president Alvario Lario said in an interview last week, “connecting markets to farmers”.

According to IFAD, small-scale farmers receive 1.7% of global climate finance while producing a third of the world’s food and livelihoods for more than 3 billion people.

Climate change is reducing crop yields, creating a need for drought-resistant seeds, better irrigation systems and weather forecasting systems to help farmers plan ahead.



Source link