Egypt and Italy inked on Thursday an agreement to establish 10 new vertical silos and to implement an information and communication technology (ICT) system in the wheat management sector.

The deal, which is worth EGP 360 million, is part of the third phase of the Egyptian-Italian loans exchange programme.

Egypt’s Minister of Investment and International Cooperation Sahar Nasr said that the ministry is prioritising having a development fund for the supply sector to implement programmes that will benefit the Egyptian citizen and provide job opportunities.

Egypt’s Minister of Supply and Internal Trade Ali El-Moselhy said that this project will be implemented in wheat storage using modern technologies in the largest three wheat producing governorates: Sharqiya, Menoufiya, and Minya.

Italian Ambassador in Egypt Giampaolo Cantini said that the loan exchange programme focuses on stimulating Egypt’s economic growth and is one of the most important programmes supported by Italy.