Egypt has given approval for construction of a ‘global logistics hub’ for grain storage in the country in an effort to reduce its annual food import bill. Presently spending E£32bn ($4.5bn) annually for its food imports, as reported by Reuters, construction of the global logistics hub comes as part of a governmental effort to increase the efficiency of that sector.
The intention? To turn Egypt into an international hub for handling and storage of grains as well as commodities such as sugar, oil and animal feed.
The logistics hub would require an investment of E£15bn ($2bn) and expected to be completed within two years.
United Arab Emirates is funding the construction of 25 silos in the Egyptian projects in order to increase storage capacity by 1.5 million tonnes and reduce waste of crops, reported by Reuters.