Middle East

International firms rally to Egypt’s grain hub plans

Cairo: An unspecified Russian firm has offered to form a consortium with Egypt to invest in the nation’s planned global logistics centre project, Minister of Supply Khaled Hanafy said yesterday.

Earlier this month the government announced plans to establish a global logistics centre in Damietta for the handling and storage of grain and food commodities.

The project will increase the annual capacity of trading of grains and food commodities in Damietta port from the current 7-8m tonnes to 40m tonnes, 12m tonnes of which will be for local consumption, said Hanafy.

US-based engineering and construction company Bechtel has expressed its willingness be involved in the project too.  [30/10/14]

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