Apr 21 2013

Russia to build eight wheat silos in Egypt-MENA

CAIRO, April 21 (Reuters) - Russia will build eight silos in Egypt to store Russian grain for reexport to Africa, the Egyptian agriculture minister was quoted as saying on Sunday.

"Egypt will be a market for Russian wheat, either for marketing in Egypt if it needs it, or for export to African states," Salah Abdel Momen said in comments reported by the state news agency.

He said the agreement was reached during a visit by President Mohamed Mursi to Russia last week. The Russian side would finance the silo construction, he added, giving no further details.

As it faces a financial crisis that has run down its foreign currency reserves, Egypt has cut back on its wheat imports in the hope that a bumper harvest will meet its needs. Egypt is typically the world's biggest importer of wheat.

(Writing by Tom Perry; Editing by Theodore d'Afflisio)

((thomas.perry@thomsonreuters.com)(+20 22 578 3290)(Reuters Messaging: thomas.perry.reuters.com@reuters.net))


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