The sum will be directed towards purchasing equipment and machinery specifically designed for field silos, Basily said on the sidelines of the inaugural conference of the Egyptian Commodity Exchange.

The project aims to establish 60 new silos nationwide, with six already completed and construction ongoing at other locations, he added.

The mechanization of 22 silos has been completed in the first phase of the silos electronic connection to a unified information network system. These silos are undergoing trial operations in preparation for the upcoming local wheat harvest season.

The National Silos Project began in 2015 on 20,000 square metres per silo, using state-of-the-art technology. This involves installing a truck scale to weigh wheat bags loaded in cars. The scale is operated through a control room that enables the system to produce the required quantities of wheat without waste.

In June 2022, the World Bank approved a $500 million loan to support Egypt’s Emergency Food Security and Resilience Support Project.

The project is meant to support national efforts to reduce waste in the wheat supply chain through the upgrade and expansion of climate-resilient wheat silos, sustainably improve domestic cereal production, and strengthen Egypt’s preparedness and resilience to future shocks.

Egypt's wheat storage capacity currently stands at 4.5 million tons, according to the Ministry of Agriculture.

Egypt is the world’s largest wheat importer and consumes 18 million tons of the grain per year. In 2023, wheat imports increased by over 14.5 percent to 11 million tons, up from 9.6 million tons in 2022, according to Deputy Minister of Supply and Internal Trade Ibrahim Ashmawy.