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Egypt pushing ahead with Suez port expansion projects

Published Tue, Jun 17, 2014 · 10:00 PM
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[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 Mursi last July following mass protests, wants 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 (S$5.6 billion) overall food import bill. A government minister said last week Egypt wants to be a "global logistics hub" for grain storage.

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