A leading Russian investment company offered to set up an alliance with Egypt to participate and invest in the Global Logistic Center for Grains, Cereal and Food Commodities project.
President Abdel Fattah Al-Sisi had recently given the go-ahead to implement the project in Damietta through constructing silos for wheat storage and establishing mills and factories for manufacturing flour and fodder, according to Supply and Internal Trade Minister Khaled Hanafy.
The minister's remarks came during a meeting with a delegation from the Russian Filterbrod Mstroa Investment Company.
Hanafy said that the Russian company offered to set up a grand alliance with Egypt in the supply of all machinery and modern equipment for the Global Logistic Center for Grain, Cereal and Food Commodities project.
The company's offer also includes the establishment of sophisticated mobile storage units for drying and preserving grains and vegetables with a capacity ranging from 1 ton and 2 tons up to 500 tons, as well as factories for producing milk and dairy products," he added.
The national projects to be established by Egypt include the new Suez Canal, Global Logistics Center of Grains and Cereal, City of Commerce and Shopping along with commodity exchanges.
The government hopes that these projects will transform Egypt into a global logistic hub, which would attract many Arab and foreign investment.
