BREAKING NEWS

Egypt pushing ahead with Suez port expansion projects

By REUTERS

JUNE 12, 2014 18:43

LONDON - Egypt is pressing ahead with plans to develop a new wheat storage facility and expand port operations at two terminals in the Suez area as the country looks to bolster strategic food reserves and attract investment, a top port official said.

President Abdel Fattah al-Sisi, who as armed forces chief toppled Islamist President Mohamed Morsi last July following mass protests, was sworn in on Sunday and seeks to fix Egypt's economy while overcoming political divisions after a long period of turmoil and bloodshed.

Egypt plans to boost its storage capacity in the strategic wheat sector to reduce reliance on imports and cut its 32 billion Egyptian pound ($4.5 billion) overall food import bill. A government minister said this week Egypt wants to be a "global logistics hub" for grain storage.

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