The World Bank approved a $500mln loan package to support Egypt’s food security plans for poor and vulnerable households. The $500mln loan package will fund wheat purchases and increase wheat storage capacities in anticipation of future supply shocks. The country’s food security has been under mounting pressure since Russia invaded Ukraine in late February, causing massive disruption to exports from the Black Sea ports. Before the invasion, Russia and Ukraine accounted for 85% of Egypt’s wheat imports.