July 24, 2019 / 3:08 PM / a month ago

Egypt inks $14 mln deal to build two wheat silos in Port Said

CAIRO, July 24 (Reuters) - Egypt inked a $14 million agreement with the OPEC Fund for International Development (OFID) to build two wheat silos in Port Said, the cabinet said on Wednesday.

The project aims to raise Egypt’s port storage capacity for imported wheat by around 15%, Supply Minister Ali Moselhy said.

The General Company for Silos and Storage will execute the project, he said, which aims to ease pressure on silos in Damietta and Alexandria.

The government also hopes the new silos will reduce transport times between ports and storage facilities.

Egypt’s investment ministry cited OFID Director-General Abdulhamid Alkhalifa as saying the fund’s portfolio in Egypt has reached $750 million “to contribute to the economic boom in the various strategic sectors of the Egyptian economy.”

OFID was set up by OPEC members to provide financial support for projects in developing countries.

Reporting by Momen Saeed Atallah; Writing by Yousef Saba; Editing by Susan Fenton

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