The new agreement reflects the depth of strategic relations between Egypt and the UAE.
In light of the close relations between the Arab Republic of Egypt and the United Arab Emirates and joint cooperation to enhance development efforts and government measures to support food security, the Ministries of International Cooperation, Finance, and the General Authority for Supply Commodities signed with the Abu Dhabi Office for Exports (ADEX), affiliated to the Abu Dhabi Fund for Development, a financing program agreement. The roundabout is worth $100 million for a period of five years, with a total of $500 million, with the aim of financing wheat imports. The agreement is the first of its kind with the Abu Dhabi Export Office of the Abu Dhabi Fund for Development.
The signing events were held at the headquarters of the Ministry of International Cooperation in the New Administrative Capital, where Dr. Rania Al-Mashat, the Ministry of International Cooperation, signed the framework agreement, while Dr. Muhammad Maait, Minister of Finance, signed the financing guarantee agreement, and Mr. Ahmed Youssef Mansour, Vice President of the General Authority for Supply Commodities. The financing agreement was signed by Mr. Mohamed Saif Al Suwaidi, Director General of the Abu Dhabi Fund for Development and Chairman of the Executive Committee of the Abu Dhabi Office for Exports, from the UAE side. Senior officials from the Egyptian and Emirati sides also attended the signing activities.
In her comment, Dr. Rania Al-Mashat, Minister of International Cooperation, explained that the new agreement reflects the depth of the strategic relations between Egypt and the UAE, and the keenness to enhance economic integration and advance joint development efforts, explaining that through revolving financing, the needs of the local market for wheat will be met in light of the procedures that are being taken. By the Egyptian state to enhance food security through soft development funds, pointing to cooperation, continuous coordination and technical cooperation between the ministries of international cooperation, finance and supply to complete the agreement.
And the Minister of International Cooperation appreciated the development cooperation relations with the Abu Dhabi Fund for Development, which began in 1971 and resulted in the financing of more than 20 projects worth 4 billion dirhams in various priority sectors that benefit the citizen, especially in the sectors of water, health, housing, transportation and agricultural development. The UAE has funded the inauguration of 25 silos in 17 governorates to increase the storage capacity of wheat by 1.5 million tons, adding that the coming period will witness discussions on more areas of future cooperation in light of Egypt’s development priorities and the implementation of Egypt’s Vision 2030.
And the Minister of International Cooperation continued: “Food security is one of the vital issues that represent national security for the Arab Republic of Egypt. In this regard, the Ministry of International Cooperation has worked through strategic relations with multilateral and bilateral development partners to enhance and push these efforts through a number of programs and financing agreements from Among them is the agreement recently signed with the World Bank Group, the African Development Bank and the International Islamic Trade Finance Corporation, in addition to that many programs are being implemented to support agricultural and rural development and support small farmers in cooperation with United Nations organizations.
For his part, Dr. Mohamed Maait, Minister of Finance, affirmed the Egyptian government’s keenness to enhance cooperation with regional and international development partners. In order to achieve the goals of comprehensive and sustainable development, with a focus on the social dimension, in a way that contributes to strengthening efforts to deal flexibly with the repercussions and negative effects of the war in Europe, and helps lay the foundations for food security; Taking into account the unprecedented increase in global food and fuel prices; As a result of the severe disruption in supply chains, pointing out that the exceptional circumstances in the global economy, which cast a shadow on emerging economies, require more cooperation from development institutions in providing concessional funds to developing countries. Realizing the magnitude of external challenges, and the huge financing burdens they impose to meet the basic needs of citizens, especially in light of the high cost of financing from international markets.
The minister referred to the momentum in the historical relations between Egypt and the sisterly United Arab Emirates, which enriches the areas of cooperation and elevates them to broader horizons in facing global challenges, contributes to deepening development partnerships, and pushes efforts to stimulate investments in the two brotherly countries, explaining the Egyptian side’s keenness to strengthen Cooperating with the United Arab Emirates, exchanging experiences at the economic level, and in the field of developing financial policies, optimal use of artificial intelligence in the professional management of the state’s public finances, raising the efficiency of public spending, and achieving financial, economic and development goals; In a way that enhances the path of economic recovery from the current challenges.
The minister added that we look forward to consolidating development cooperation with the Abu Dhabi Fund for Development. to support the unprecedented Egyptian march; With the aim of achieving economic and social development, providing a decent life for citizens, effectively contributing to improving their standard of living, and upgrading the services provided to them, along with efforts to mitigate the inflationary effects on them as much as possible.
Dr. Ali Al-Moselhi, Minister of Supply and Internal Trade, said that today’s agreement builds on the existing relations and partnership between the UAE side and the Ministry of Supply to implement a project to increase storage capacities for wheat by about 1.5 million tons through the implementation of 25 silos, and today we are witnessing new cooperation in the field of financing wheat imports for Stimulating food security efforts undertaken by the country, which reflects the depth and strength of the joint relations between the two countries, thanking the UAE side for the continued fruitful cooperation.
On this occasion, His Excellency Mohamed Saif Al Suwaidi, Director General of the Abu Dhabi Fund for Development, said: “This agreement represents a pioneering model for the distinguished relations between the United Arab Emirates and the Arab Republic of Egypt, which reflects the keenness of the leadership of the two brotherly countries to develop and develop them in various fields. The agreement comes in light of the efforts made by the Abu Dhabi Fund for Development to sustain strategic cooperation with the Egyptian government, noting that the agreement contributes to expanding the volume of trade exchange in a way that achieves economic benefit for both countries.
His Excellency stated, “The partnership between the Abu Dhabi Office for Exports, the General Authority for Supply Commodities and Al Dahra Agricultural Company will contribute to strengthening the strategic stock of grain and providing sufficient quantities of agricultural crops to meet the Egyptian market’s need for these basic commodities, and the Abu Dhabi Office for Exports will work through this agreement to provide facilities.” credit that enhances the presence of UAE companies’ exports in regional and global markets, which contributes to diversifying the UAE’s economy and increasing its growth opportunities.”
It is worth noting that the Ministry of International Cooperation worked, in light of Egypt’s development vision, to stimulate food security and achieve sustainable development goals through a number of development financing agreements over the past period, including the signing of a concessional development financing agreement of $500 million from the World Bank Group, To enhance the resilience of the agricultural sector in Egypt and support food security efforts, in addition to an agreement worth $ 271 million with the African Development Bank Group to support the “Program to Support Food Security and Economic Resilience in Egypt”. In addition, the European Union’s support program for food security in Egypt was launched through A grant of 100 million euros to enhance food security efforts and reduce the negative effects of global challenges.