Egypt is planning to establish six wheat silos in the year 2024, with investments of $145.6 million, Al Arabiya Business reported, citing sources at the Parliament.

The move aims to shore up the country’s storage capacity of wheat silos by 420,000 tons to reach a total capacity of 4.620 million tons, the sources noted.

The storage capacity of the yet-to-be-built silos will represent about 10% of the country’s current total capacity, they added.

The French Development Agency (AFD) will finance the project with $61.5 million, with the country to provide the remaining sum of $84.1 million, they highlighted.

The sources pointed out that the government is targeting to increase the storage capacity of state-owned wheat silos by at least 2.5 to 3 million tons within three to four years to reach a capacity ranging between 6.4 and 7 million tons.

Egypt is planning to establish six wheat silos within 2024, with investments of $145.6 million, Al Arabiya Business reported, citing sources at the Parliament.

The move aims to shore up the country’s storage capacity of wheat silos by 420,000 tons to reach a total capacity of 4.620 million tons, the sources noted.

The storage capacity of the yet-to-be-built silos will represent about 10% of the country’s current total capacity, they added.

The French Development Agency (AFD) will finance the project with $61.5 million, with the country to provide the remaining sum of $84.1 million, they highlighted.

The sources pointed out that the government is targeting to increase the storage capacity of state-owned wheat silos by at least 2.5 to 3 million tons within three to four years to reach a capacity ranging between 6.4 and 7 million tons.