EBRD approves $130mln loan to establish higher council for food security in Jordan

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Jordan

EBRD approves $130mln loan to establish higher council for food security in Jordan

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The European Bank for Reconstruction and Development (EBRD) has approved a decision to provide Jordan with a $130 million loan to establish a higher council for food security.

According to a recent report made available to Al Mamlaka TV on Sunday, Jordan plans to establish the higher council, which is expected to be partially funded by the EBRD loan.

The bank noted that Jordan has prioritised enhancing food security in line with its national food security strategy launched in September 2021, at a time Jordan relies heavily on food imports and buys over 95 per cent of its grain supply.

The new strategy identifies key interventions to address food availability, access and stabilisation, as the initial investment of $480 million will reduce short-term supply shocks and address urgent local needs for wheat and barley using the country's current maximum actual storage capacity.

A second investment of $20 million is expected to ensure food security by alleviating the risk of commodity price hikes, with $15 million allocated to expanding storage capacities.

The Cabinet in July approved the mandating reasons for a draft "Bylaw of the Food Security Council for 2022", and referred it to the Legislation and Opinion Bureau to be duly shared with the legal

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