More silo funding coming our way. MPs yesterday gave their final approval on a EUR 56 mn grant from the French Development Agency to help us expand the storage capacity of our wheat silos.

Lots of love for our silos: Earlier this month, the Egyptian Holding Company for Silos and Storage secured a USD 110 mn loan from the World Bank, the entirety of which will go towards purchasing equipment and machinery for the country’s field silos.

** We look at the government’s plans to increase silo capacity in a bid to reduce wheat waste in a Going Green published earlier this month.

Speaking of wheat: The government will work to boost wheat cultivation for the coming harvest season 10-12% y-o-y by hiking the prices it will pay local wheat farmers to EGP 1.6k per ardeb in a bid to increase production and reduce reliance on imported wheat, according to a report from the USDA Foreign Agricultural Service picked up by Al Borsa.

ALSO APPROVED BY THE HOUSE- MPs greenlit a raft of decisions and agreementsyesterday:

  • A draft law that aims to better manage the fund set up to support disabled people.
  • A new medal: Amendments introducing “The Great Builder Medal” to the list of awards and decorations that the state can award individuals. The new medal will honor those who play significant roles carrying out national development projects.
  • Egypt’s subscription to the African Development Fund.
  • Goodbye LIBOR: A decision to swap to the secured Overnight Financing Rate (SOFR) instead of the London Interbank Offered Rate (LIBOR), when inking agreements with the AIIB.

The House is breaking for a week and will reconvene on Sunday, 11 February.

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