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FINANCIAL NEWS
Egypt to save annual USD200m through wheat storage system project
15 Jun 2015
(MENAFN) Egypt will save a total of USD200 million through the first phase of food security system project, set to sustain locally harvested wheat, a corporate statement said, Reuters reported.
The company supervising the project is Blumberg Grain, a privately-owned firm that specializes in food storage. A deal worth USD28 million was signed between the firm and Egypt’s supplies ministry.
“This will enable a processing capacity of 3.7 million metric tons of wheat per year and create 750,000 metric tons of static storage capacity,” the firm’s chief executive said, commenting on the first phase.
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