Last month Egypt’s Ministry of Supply announced a LE15 billion (US$2.1 billion) mega-project to build a logistics hub in the Nile Delta to manufacture, store, and trade grain and seed. The ultimate goal of the project is to transform Egypt into a center for processing and re-exporting agricultural commodities through Damietta, as part of the Egyptian government’s plan to eventually create the regions first commodities mercantile exchange. Under the plan, high tech storage silos will be built that will increase Damietta’s storage capacity from the current 2.5 million tons to 7.5 million tons. Earlier this week, during the 16th Conference of Arab Businessmen and Investors held in Cairo, Egypt’s supply minister signed an agreement with the Sudanese Business Federation securing the project’s first investment.
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