World Bank OKs emergency bread loan
- Date: 09-May-2022
- Source: Naharnet
- Sector:Financial Services
- Country:Lebanon
World Bank OKs emergency bread loan
Economy Minister Amin Salam has received an agreement from the World Bank over an emergency loan for food security, the LBCI said Monday.
The loan will support Lebanon in securing wheat for bread and will also protect the bread prices.
In crisis-hit Lebanon, diets are dominated by government-subsidized bread.
The Beirut port's explosion in 2020 had destroyed Lebanon's main grain silos and authorities have been scrambling to make up for a predicted wheat shortage, with Ukraine providing 60% of its supply.
Lebanese authorities are in talks with the U.S., India and Canada to find other sources for a country already in financial meltdown, as Ukrainian farmers have been forced to neglect their fields as millions flee, fight or try to stay alive.
Wheat prices have surged worldwide amid concerns about what could happen next.
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