Egypt is considering increasing its silo storage capacity by 76% to reach 6 million tons of grains, cereals, and strategic goods by 2030, Deputy Minister of Supply Walid Abu Al-Magd told Asharq Business.

Abu Al-Magd explained that the plan aims to extend the storage duration of goods from six to nine months and will be implemented in two phases.

The first phase involves building silos with a capacity of 1.4 million tons by 2027 at an investment cost of EGP 19 billion.

The second phase targets an additional 1.2 million tons by 2030, with an investment of EGP 15 billion.

Additionally, Abu Al-Magd revealed that a company has been established to localize the silo industry in Egypt’s economic zone east of Port Said.

This partnership involves the private sector, represented by Samcrete holding 26% and a Polish technology provider owning 50%, with the remaining stake of 12% allocated to the economic zone.

© 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info).