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Arab Finance: Egypt and Italy are jointly establishing six field silos in cooperation with the Italian government with up to EGP 367 million in investment, according to an official statement by the Egyptian Ministry of Supply and Internal Trade on June 15th.
Four of the silos are being built in the governorate of El-Sharqia, while one is being established in El-Minya governorate and another in El-Menofia, Minister of Supply Ali El-Moselhi said during his meeting with the Italian Ambassador to Cairo Michele Quaroni.
Each field silo is being set up with a capacity of 5,000 tons under the Italian-Egyptian Debt for Development Swap (IEDS) Program, El-Moselhi added.
Moreover, the minister and the ambassador have discussed the governance project for trading wheat with investments worth EGP 52 million and an execution rate of 60%.
For his part, Quaroni said that this cooperation would contribute to dealing with the food security issue.
He also noted that the European Union (EU) has adopted a program to support neighboring countries with €225 million, of which €100 million are allocated for Egypt, to face food and materials inflation amid the Russian-Ukrainian war.
