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World Bank agrees $500m to help Egypt fund wheat purchases

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Al-Araby

Egypt will receive a $500 million loan from the World Bank to help finance its wheat purchases as prices skyrocket because of the Russian invasion of Ukraine, the bank said Wednesday. The funds, approved Tuesday by the World Bank Board of Executive Directors, aim at supporting Egypt’s efforts to provide subsidised bread to poor and vulnerable households, it said. It said the funds will help the government of the Arab world’s most populous country finance procurement of imported wheat. “This emergency operation comes at a very critical juncture when the food security of many countries is threat…

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