The Italian Mulmix company, which specializes in grain storage, has offered to invest in the grain logistics center to be built in Damietta.
This decision came during a meeting between Supply and Internal Trade Minister Khaled Hanafi and Marco Mattoccia, the managing director of the company’s Middle East division, in the presence of Italian ambassador to Cairo Maurizio Massari.
Massari praised the investment climate in Egypt, in terms of positive reforms taken by the government to resolve problems faced by foreign companies and stimulate mega-projects, such as the new Suez Canal and the logistics center.
He said Italy is Egypt's first European trade partner to invest US$6 billion in important sectors within the Egyptian economy, such as transport, banking, automotive services, petroleum, tourism, telecommunications and construction.
The ambassador added that the company will build 10 horizontal silos to store half a million tons of wheat per year, a vertical silo with a capacity of 30,000 tons and two logistics centers in two years, as part of a debt swap program of $45 million between Egypt and Italy.
Edited translation from Al-Masry Al-Youm