Minister of Supply and Internal Trade Khaled Hanafy signed an agreement with Italy to establish 10 silos for wheat at a capacity of half million tons annually
The meeting was attended by Minister of International Cooperation Naglaa Ahwany and the Italian ambassador in Cairo.
The investment of the project is estimated at US$17 million, said Hanafi. The first phase of the project will be concluded in two years, he added.
The project is part of a debt swap deal between Egypt and Italy, valued at $45 million, he added.
Hanafy agreed with the Italian side to set up two logistic areas in Safaga with on the Red Sea and in Beni Suef to save and store grain, vegetables and fruits, which would save the transportation costs valued at $28 million, he said.
Edited translation from Al-Masry Al-Youm
