Egypt’s Ministry of Investment and Cooperation Sahar Nasr signed on Wednesday a $14 million agreement with the OPEC Fund for International Development (OFID) to establish two wheat silos in the western Port Said seaport.
Egypt’s Prime Minister Mostafa Madbouly said that this agreement comes as part of Egypt’s plan to achieve food security and ensure that the basic necessities of citizens are met.
Minister Nasr asserted the necessity of fully utilising Port Said harbour in shipment and storage operations.
Minister of Supply and Internal Trade Ali El-Meselhi said that the project aims to increase the storage capacity in Egyptian ports in order to reduce the burden on Damietta and Alexandria ports.
The project also aims to reduce the time consumed in transferring wheat from the ports to silos in the country's governorates, as well as create new job opportunities.
In the same vein, head of OFID Abel-Hamid El-Khalifa said that the fund is a key partner for Egypt to achieve strategic and developmental purposes in all service and economic sectors.
El-Khalifa said that OFID’s portfolio in Egypt stands at $750 million.