Egypt greenlights construction of grain storage hub

Egypt presently spends E£32bn ($4.5bn) annually for its food imports, reports Reuters.

Construction of the global logistics hub comes as part of a governmental effort to increase the efficiency of the sector.

The government intends to turn Egypt into an international hub for handling and storage of grains as well as commodities like sugar, oil and animal feed.

The logistics hub would require an investment of E£15bn ($2bn) and expected to be completed within two years.