National Investment Bank loan of LE 275 million for 20 silos

The National Investment Bank (NIB) yesterday approved a LE 275 million loan to the Commodity Supplies Authority to build 20 grain silos, each of capacity of 600,000 tones.

The loan comes in response to a government policy to solve problems regarding the storage of 14 million tones of wheat per year.

Following the meeting between Egypt's Minister of Finance Medhat Hassanein and the NIB chairman, Hassanein said that the NIB will loan LE 40 million out of the LE 459 million required for the construction of the silos, which are expected to be completed within the next few months.

"Storage facilities are needed for our wheat imports and the new silos will help ease the transfer of grain from seaports to points of distribution. Wheat will be greatly reduced and reserve stocks will be more readily accessible," Hassanein said.

"Economic and technical feasibility studies, and financial projections for the next three years have been prepared," he added.