DEVELOPMENT FINANCE-

More EU funding to improve food security: Egypt is getting an EUR 60 mn facility from the EU and the French Development Agency to help the Madbouly government expand its silo capacity, Reutersreported, citing an email from the European Commission delegation in Cairo. The funding will help the state add at least 420k tons of wheat storage capacity, amounting to a 12% increase on the current 3.5-mn-ton capacity.

REMEMBER- This is the second tranche of the EUR 100 mn in EU funding announced last yearto address Egypt’s food insecurity following the war in Ukraine. The first EUR 40 mn tranche was disbursed last month and went towards upgrading wheat storage capacity and to help the Agriculture Ministry acquire better seeds.

MANUFACTURING-

Xylem inaugurates EGP 300 mn water pump factory: US-based water solutions company Xylem and local firm Tiba Manzalawi Group yesterday inaugurated a EGP 300 mn water pump factory, the Trade Ministry said yesterday. The factory will produce pumps to be used in irrigation, heating, air conditioning, and industry, half of which will go towards exports to Arab and African countries.

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