World Bank agrees $500m to help Egypt fund wheat purchases

CAIRO (AP) — Egypt will receive $500 million loan from the World Bank to help the Arab world’s most populous country finance its purchases of wheat. The World Bank says the funds will help Egypt’s government finance procurement of imported wheat. Egypt is the world’s largest wheat importer and the country’s supply is subject to price changes on the international market. Russia’s war in Ukraine has already hiked prices of wheat since both Russia and Ukraine export nearly a third of the world’s wheat.