Egypt receives multi-national investment offers for grain project

Egypt has been offered Russian, Spanish and Italian investments for the international grains hub it seeks to establish in Damietta.
Minister of Supply and Internal Trade Khaled Hanafy held separate meetings on Saturday with head of the Russian-Egyptian Business Council Mikhail Orlov, representatives from silos companies: Italian company Frame S.p.A and Spanish company Silos Cordoba.
While the Russian side offered a joint venture for grain imports, Italian and Spanish representatives offered the installation of state-of-the-art silos at the project.
In statements following the meetings, Hanafy said the project aims at turning Egypt into an international logistics hub for the storage and exchange of grains, increasing storage capacity from 2.5 million tons to 2.7 million, with a target total of grain exchange of 65 million tons per year.
Edited translation from Al-Masry Al-Youm

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