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OFID To Fund Port Said Grain Storage Facilities

OFID to fund Port Said grain storage facilities

OFID To Fund Port Said Grain Storage Facilities

Port Said, Egypt (PortSEurope) July 30, 2019 – The OPEC Fund for International Development (OFID) has signed a $14 million loan with Egypt’s Ministry of Investment and International Cooperation to finance the Port Said Grain Storage Facilities Project.

The finance will be used to construct two wheat silos in Port Said by the General Company for Silos and Storage.

The Port Said Grain Storage Facilities Project is considered an important agricultural sector development initiative which will will boost food security in the country and reduce agricultural losses by reducing transport times between ports and storage facilities.

The agreement was signed by Director-General of the OPEC Fund for International Development (OFID), Dr Abdulhamid Alkhalifa, and Egypt’s Minister of Investment and International Cooperation, Dr Sahar Nasr, in the presence of Egypt’s Prime Minister Dr Mostafa Kemal Madbouly, Minister of Supply and Internal Trade, Dr Ali Elmoselhy, and Minister of Trade and Industry, Amr Nassar.

OFID’s high-level delegation to Egypt included Assistant Director-General, Public Sector Operations Fuad Albassam, Country Officer Khaled Al-Zayer and Protocol’s Mamdouh Abdel Gawwad, in addition to OFID’s Director-General.

OFID works in cooperation with developing country partners and the international donor community to stimulate economic growth and alleviate poverty in all disadvantaged regions of the world. It does this by providing financing to build essential infrastructure, strengthen social services and promote productivity, competitiveness and trade.

Source: OFID

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