Egyptian government has tasked Beltone Financial Holding and KPMG with promoting two giant projects worth 53 billion Egyptian pounds (around US$7 billion), which will be presented during March's Economic Summit in Sharm El-Sheikh. Egyptian Ministry of Supply Khaled Hanafy announced Monday that Beltone and KPMG would promote Egypt's logistics centre for grain and food commodities and the global trade city projects. The logistics centre for the handling and storage of grain and food commodities is set to be built on a space of 3.350 million square metres, of which 500.000 metres fall within the boundaries of the Damietta Port. The remaining 2.79 million square metres comprise a portion of the untapped industrial area northeast of the port. The new center will help solve various challenges Egypt faced in implementing the logistics necessary to provide adequate grain storage. The project will also create better administration of the grains and food supply chain, integrate the supply chain—including various logistical hubs such as ports, storage, internal transportation, processing and redistribution—as well as enhance the free flow of trade and reduce the operating cost to the internationally acceptable levels. Such a project aims to transform Egypt into a global grain handling, processing, and storing hub. Furthermore, the global trade city project is set to provide around 500.000 job opportunities in Egypt.
