Minister of Finance Ahmed Kouchouk reviewed the priorities of Egypt and Africa to achieve food security at an important meeting of the G20 in Cairo.
Speaking at the gathering on Monday, Kouchouk said that Egypt has been working to expand agricultural lands, boost productivity, and ensure the availability of adequate food supplies.
The minister added “food subsidies” are a key pillar of Egypt’s social protection strategy, noting the government allocates around EGP 165 billion to support subsidized goods that benefit more than 60 million citizens.
The minister indicated that the “Takaful and Karama” cash-transfer program has been expanded to cover 5 million families, linking assistance to specific outcomes in education and healthcare.
The minister said Egypt looks forward to a greater role by international financing institutions to mobilize the necessary resources for funding more sustainable agricultural investment projects and addressing the impacts of climate change.
He emphasized the government is keen to give more space for the private sector to contribute to achieving sustainable development.
Kouchouk stressed Egypt’s commitment to establishing strong partnerships, with a view to building fair, cohesive and resilient food systems in the face of climate change, in addition to working for a food future that is fairer, more sustainable and responsive to the needs of developing and African countries.
He noted rising global food prices are straining public finances and hindering growth in developing and African states.
The minister called for taking serious steps to tackle the imbalances of the global financial system, the development financing gap, and climate challenges.
He stressed the importance of harnessing technology and artificial intelligence applications to confront contemporary crises and bring about food security for all.
