Egypt signed two investment agreements on March 17 worth $6 billion to launch a global logistics center for grain handling and a shopping project, according to Minister of Supply Khaled Hanafy, reported www.world-grain.com.
The logistics center will be located on 3,350 square kilometers of land in Damietta in the Delta area. It is expected to handle 65 million tons of grain and basic food commodities trade per year.
The project includes building storage silos and two new quays that will be able to receive large shipments at Damietta Port.
Hanafy said the silos will increase the port’s storage capacity to 7.5 million tons from its current 2.5-million-ton capacity. Wheat, pasta, cooking oil and sugar will be produced in the industrial zone to meet domestic consumption and export needs.