Hundreds of millions of innocent people around the world are still facing soaring food costs, as food supplies were disrupted following Russia’s full-scale invasion of Ukraine in February 2022. Before the war, global wheat prices were fairly stable at around USD $320 per tonne. But prices reached a record high of nearly USD $450 per tonne by May 2022. The Black Sea Grain Initiative helped push prices back down and ensure greater availability of grain. But Russia’s termination of the Initiative means reduced supplies and threatens prices again.
With the war ongoing, it is imperative that countries work together to improve global food security and reduce price volatility to protect people all around the world. Here in Egypt, various countries and international institutions are partnering with the Egyptian government to help ensure food security for Egyptians.
The G7 members collectively have committed over USD $500 million to work with Egypt on ensuring food supplies and tackling rising food prices. This includes projects to increase grain storage capacity, financing for rural businesses and smallholder farmers, government-to-government loans, and boosting support to the World Food Programme’s work in Egypt – as well as initiatives to channel private businesses to invest in Egypt’s agriculture sector and increase wheat exports to Egypt.