Egypt’s logistics hub for grain trade and storage to cost LE13.1 bln

Egypt is seeking investment in a plan to built storage silos, cargo platforms and manufacturing spaces for grain and seed products.

Waad Ahmed, Friday 17 Oct 2014

Egypt’s plan to build a logistics hub to store, trade and manufacture grains and seeds will cost a total of LE13.1 billion, a supply ministry spokesperson told Ahram Online on Friday.

 The ministry is currently presenting the project to private and international investors, said Mahmoud Diab.

The project, which will be built on 3,350 square kilometres in the Delta governorate of Damietta, is expected to trade up to 65 million tonnes annually of grain and basic food commodities.

The project involves building high-tech storage silos, two new platforms capable of receiving large cargos in the Damietta marine port and five manufacturing areas.

The new silos should raise Damietta’s storage capacity to 7.5 million tonnes from the current 2.5 million tonnes.

The manufacturing areas are meant to boost the food industry by producing flour, pasta, cooking oils and sugar for both domestic consumption and export to the MENA region.

Egypt’s government is seeking to attract investors for several developmental projects to achieve its growth rate target of 6 percent by FY 2018/19.

The economy will need private sector investment of at least LE200 billion ($28.57 billion) if it is to achieve its growth target of 3.5 percent by the end of the current fiscal year, according to Investment Minister Ashraf Salman.

Source :Ahram online