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Jun 01, 2020 PRINT EDITION

CAIRO: Egypt inked a $14 million agreement with the OPEC Fund for International Development (OFID) to build two wheat silos in Port Said, the cabinet said on Wednesday.

The project aims to raise Egypt's port storage capacity for imported wheat by around 15pc, Supply Minister Ali Moselhy said.

The General Company for Silos and Storage will execute the project, he said, which aims to ease pressure on silos in Damietta and Alexandria.

The government also hopes the new silos will reduce transport times between ports and storage facilities.

Egypt's investment ministry cited OFID Director-General Abdulhamid Alkhalifa as saying the fund's portfolio in Egypt has reached $750 million "to contribute to the economic boom in the various strategic sectors of the Egyptian economy."

OFID was set up by OPEC members to provide financial support for projects in developing countries.

Copyright Reuters, 2019