{"id":546548,"date":"2022-05-19T04:00:03","date_gmt":"2022-05-19T04:00:03","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/19\/world-bank-to-spend-another-usd-12-bn-to-combat-devastating-food-crisis\/"},"modified":"2022-05-19T04:00:03","modified_gmt":"2022-05-19T04:00:03","slug":"world-bank-to-spend-another-usd-12-bn-to-combat-devastating-food-crisis","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/19\/world-bank-to-spend-another-usd-12-bn-to-combat-devastating-food-crisis\/","title":{"rendered":"World Bank to spend another USD 12 bn to combat \u201cdevastating\u201d food crisis"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-10\"><\/a> <strong>The World Bank will deploy an extra USD 12 bn to combat the \u201cdevastating <\/strong><strong>effects\u201d of rising food insecurity around the world<\/strong>, driven by Russia\u2019s invasion of Ukraine and climate change, it <a href=\"https:\/\/www.worldbank.org\/en\/news\/press-release\/2022\/05\/18\/world-bank-announces-planned-actions-for-global-food-crisis-response\">said<\/a> yesterday. The funds will bring the Bank\u2019s total funding for food security projects over the next 15 months to USD 30 bn. Supply shortages caused by the war in Ukraine, severe weather and growing food protectionism have cause global food prices to surge to record highs this year, piling pressure on commodity importers and raising fears of a global food crisis.<\/p>\n<p><strong>The Public Investment Fund (PIF) wealth fund has taken a<\/strong><strong> 5% stake in Nintendo in its latest gaming push<\/strong>, <a href=\"https:\/\/www.reuters.com\/technology\/saudi-arabias-wealth-fund-takes-5-nintendo-stake-2022-05-18\/\">Reuters<\/a> reports. The fund has taken an interest in the gaming industry recently, with multiple acquisitions of stakes including in US-based <a href=\"https:\/\/www.reuters.com\/world\/middle-east\/saudi-arabias-pif-raises-stake-us-game-maker-activision-by-133-pct-filing-2021-08-16\/\">Activision<\/a>, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-02-03\/saudi-wealth-fund-reveals-latest-video-game-bet-with-nexon-stake\">Nexon, and Capcom<\/a>. The fund has also launched its own video game and e-sports company, Savvy Gaming.<\/p>\n<p><strong>The US isn\u2019t going to continue allowing Russia to pay off its foreign debt:<\/strong> Russia could finally default on its foreign-held debt, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-05-17\/us-set-to-block-russian-debt-payments-raising-odds-of-default\">Bloomberg<\/a> reports, as the US looks set to next week close a loophole that has allowed Moscow to continue paying coupons on its foreign bonds despite sweeping sanctions. Any default would mark Russia\u2019s first in a century, but it's unclear what it would actually mean for the country \u2014 which has insisted that it is willing and able to make the payments on its USD 20 bn of sovereign foreign-held debt, and will go ahead and pay in RUB if USD transfers are blocked.<\/p>\n<p><strong>Also worth noting:<\/strong><\/p>\n<ul>\n<li><strong>Google\u2019s Russian subsidiary will file for bankruptcy<\/strong> after authorities seized the company\u2019s bank account, making operations \u201cuntenable.\u201d (<a href=\"https:\/\/www.reuters.com\/markets\/europe\/googles-russian-subsidiary-files-bankruptcy-document-2022-05-18\/\">Reuters<\/a>)<\/li>\n<li><strong>French container giant CMA CGM will become a leading shareholder in Air <\/strong><strong>France-KLM<\/strong>, in a partnership that will see the two firms combine their cargo networks and cross-sell their freight capacity. (<a href=\"https:\/\/www.ft.com\/content\/bfa89791-9933-43b3-8a95-ba29462ad7ba\">Financial Times<\/a>)<\/li>\n<\/ul>\n<div class='stock-ticker-panel'>\n<table class='table stock-ticker-table table-striped markets-table'>\n<tbody>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>EGX30 <\/strong><\/p>\n<\/td>\n<td>\n<p>10,468<\/p>\n<\/td>\n<td>\n<p>+0.3% (YTD: -12.4%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-none'>\n<td class='td-list-none'>\n<p><svg class='e-icon e-TypeMarkets'><use xlink:href='#e-TypeMarkets'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD (CBE)<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 18.22<\/p>\n<\/td>\n<td>\n<p>Sell 18.31<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-none'>\n<td class='td-list-none'>\n<p><svg class='e-icon e-TypeMarkets'><use xlink:href='#e-TypeMarkets'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD at CIB<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 18.24<\/p>\n<\/td>\n<td>\n<p>Sell 18.31<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-none'>\n<td class='td-list-none'>\n<p><svg class='e-icon e-TypeMarkets'><use xlink:href='#e-TypeMarkets'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Interest rates CBE<\/strong><\/p>\n<\/td>\n<td>\n<p>9.25% deposit<\/p>\n<\/td>\n<td>\n<p>10.25% lending<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Tadawul<\/strong><\/p>\n<\/td>\n<td>\n<p>12,713<\/p>\n<\/td>\n<td>\n<p>+0.2% (YTD: +12.7%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>ADX<\/strong><\/p>\n<\/td>\n<td>\n<p>9,908<\/p>\n<\/td>\n<td>\n<p>+1.4% (YTD: +16.7%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>DFM<\/strong><\/p>\n<\/td>\n<td>\n<p>3,437<\/p>\n<\/td>\n<td>\n<p>-0.9% (YTD: +7.6%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>S&P 500<\/strong><\/p>\n<\/td>\n<td>\n<p>3,924<\/p>\n<\/td>\n<td>\n<p>-4.0% (YTD: -17.7%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>FTSE 100<\/strong><\/p>\n<\/td>\n<td>\n<p>7,438<\/p>\n<\/td>\n<td>\n<p>-1.1% (YTD: +0.7%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Euro Stoxx 50<\/strong><\/p>\n<\/td>\n<td>\n<p>3,691<\/p>\n<\/td>\n<td>\n<p>-1.4% (YTD: -14.1%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Brent crude<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 109.11<\/p>\n<\/td>\n<td>\n<p>-2.5%<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n<td>\n<p>USD 8.24<\/p>\n<\/td>\n<td>\n<p>-1.5%<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Gold<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 1,814.80<\/p>\n<\/td>\n<td>\n<p>-0.1%<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>BTC<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 29,107<\/p>\n<\/td>\n<td>\n<p>-4.6% (YTD: -36.8%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p><strong>THE CLOSING BELL-<\/strong><\/p>\n<p><strong>The EGX30 rose 0.3% at yesterday\u2019s close<\/strong> on turnover of EGP 644 mn (25.5% above the 90-day average). Local investors were net buyers. The index is down 12.4% YTD.<\/p>\n<p><strong>In the green: <\/strong>Ibnsina Pharma (+3.2%), Orascom Development Egypt (+2.0%) and MM Group (+1.5%).<\/p>\n<p><strong>In the red: <\/strong>Rameda (-1.8%), Fawry (-1.8%) and Elsewedy Electric (-1.5%).<\/p>\n<p><strong>Asian markets are picking up where US stocks left off:<\/strong> Markets across the region are in the red this morning as fears over global growth and rising inflation continue. It\u2019s looking like it\u2019s going to be another torrid day in Europe and the US today if the futures markets are anything to go by. A sea of red.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The World Bank will deploy an extra USD 12 bn to combat the \u201cdevastating effects\u201d of rising food insecurity around the world, driven by Russia\u2019s invasion of Ukraine and climate change, it said yesterday. The funds will bring the Bank\u2019s total funding for food security projects over the next 15 months to USD 30 bn. [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7210],"tags":[72,119,125,1389,122,219],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-546548","post","type-post","status-publish","format-standard","hentry","category-planet-finance","tag-enterpriseam","tag-financial-markets","tag-investment-watch","tag-pif","tag-planet-finance","tag-saudi-arabia","wpautop","entry"],"acf":{"mongo_id":"fde6d8e5-fe3d-41dc-8c25-08ffc76f798d","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[546522],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>World Bank to spend another USD 12 bn to combat \u201cdevastating\u201d food crisis - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/19\/world-bank-to-spend-another-usd-12-bn-to-combat-devastating-food-crisis\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"World Bank to spend another USD 12 bn to combat \u201cdevastating\u201d food crisis\" \/>\n<meta property=\"og:description\" content=\"The World Bank will deploy an extra USD 12 bn to combat the \u201cdevastating effects\u201d of rising food insecurity around the world, driven by Russia\u2019s invasion of Ukraine and climate change, it said yesterday. The funds will bring the Bank\u2019s total funding for food security projects over the next 15 months to USD 30 bn. 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The funds will bring the Bank\u2019s total funding for food security projects over the next 15 months to USD 30 bn. 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The USD 606 bn sovereign wealth fund revealed that its total shareholder returns averaged 12%\u2026","rel":"","context":"In &quot;PLANET FINANCE&quot;","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":548377,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/07\/saudi-wealth-fund-sets-up-company-to-invest-in-egypt\/","url_meta":{"origin":546548,"position":1},"title":"Saudi wealth fund sets up company to invest in Egypt","author":"enterpriseam admin","date":"7 August 2022","format":false,"excerpt":"Introducing the SEIC: Saudi Arabia\u2019s sovereign wealth fund has set up a company to manage its investments in Egypt as it prepares to deploy bns of USD in the country in the coming months, it said in a statement on Thursday. The Saudi Egyptian Investment Company (SEIC) will act as\u2026","rel":"","context":"In &quot;Investment Watch&quot;","block_context":{"text":"Investment Watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/investment-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/8\/157.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":582257,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/05\/fed-policy-to-stay-tighter-for-longer-says-governor\/","url_meta":{"origin":546548,"position":2},"title":"Fed policy to stay tighter for longer, says governor","author":"enterpriseam admin","date":"5 March 2023","format":false,"excerpt":"Another sign that the Fed will stay hawkish: Federal Reserve Governor Mary Daly has become the latest official at the central bank to signal that interest rates will have to rise further than expected and will remain higher for longer. \u201cIt\u2019s clear there is more work to do,\u201d the San\u2026","rel":"","context":"In &quot;PLANET FINANCE&quot;","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/3\/Federal-Reserve-1600px.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":548481,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/10\/saudi-wealth-fund-to-acquire-25-of-mopco\/","url_meta":{"origin":546548,"position":3},"title":"Saudi wealth fund to acquire 25% of Mopco","author":"enterpriseam admin","date":"10 August 2022","format":false,"excerpt":"Another Gulf wealth fund wants a piece of Mopco: Saudi Arabia\u2019s sovereign wealth fund will acquire a stake in the state-owned Misr Fertilizers Production Company (Mopco) through the EGX, a source at the bourse confirmed to Enterprise. The Public Investment Fund (PIF) will purchase 25% of the company through its\u2026","rel":"","context":"In &quot;M&amp;A WATCH&quot;","block_context":{"text":"M&amp;A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/8\/199.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":546970,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/05\/were-closing-in-on-usd-3-5-bn-from-the-itfc-world-bank-to-help-with-food-and-energy\/","url_meta":{"origin":546548,"position":4},"title":"We\u2019re closing in on USD 3.5 bn from the ITFC + World Bank to help with food and energy","author":"enterpriseam admin","date":"5 June 2022","format":false,"excerpt":"Egypt is finalizing some USD 3.5 bn in fresh financing from multilateral lenders to shore up food and energy security amid ongoing disruptions to global markets. First up: We\u2019re getting that USD 3 bn from the ITFC. The International Islamic Trade Finance Corporation (ITFC) has raised the ceiling for its\u2026","rel":"","context":"In &quot;Commodities&quot;","block_context":{"text":"Commodities","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/commodities\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/6\/131.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":548514,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/11\/the-saudis-have-arrived\/","url_meta":{"origin":546548,"position":5},"title":"The Saudis have arrived","author":"enterpriseam admin","date":"11 August 2022","format":false,"excerpt":"The Saudi sovereign wealth fund acquired minority stakes in four EGX-listed companies for USD 1.3 bn yesterday, the Planning Ministry said in a statement. 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