Egypt, Italy sign LE 360M deal to establish 10 farm silos

CAIRO - 19 September 2019: Egypt and Italy signed Thursday an agreement to establish ten vertical farm silos and apply the information and communications technology (ICT) system to enhance wheat management sector at a cost of EGP 360 million.

The agreement falls within the framework of the third phase of the Italian-Egyptian Debt Swap (IEDS) Program.

The deal was signed by Investment and International Cooperation Minister Sahar Nasr and Italian Ambassador in Cairo Giampaolo Cantini along with Chairman of the Egyptian Holding Company for Silos and Storage (EHCSS) Sherif el Basili in the presence of Supply Minister Ali el Meselhi.

The EHCSS will be responsible for establishing the three silos in the wheat production areas in three governorates; namely Sharqia, Menofia and Minya.

Nasr said that the deal comes under the third phase of the IEDS, which aims to reduce Egypt's foreign debt towards Italy via using the debt in implementing development projects to improve the living standards of the Egyptian citizens.

The total value of the program hits 350 million euros, she said, asserting the close and deeply-rooted strategic and economic relations between Egypt and Italy.