Russian consortium renews Egypt mega project offer

Big 5

A consortium of six Russian milling-elevator building and equipment companies, namely Elevatorprodmashstroy, says their offer to invest in Egypt was back in play

Consortium Elevatorprodmashstroy is offering to build modern mills, grain silos, logistics centres for the storage of cereals and food commodities, in addition to factories to produce fodders and milk, Magdy Shehata, representative of the Russian consortium, told Amwal Al Ghad.

Russia will finance these anticipated investments on favourable terms, Shehata added.

The six Russian firms, notably Melinvest, have showed readiness to invest in Egypt in the light of the recent economic reforms undergoing in the North African nation, Shehata said.

The Russian consortium, which captures 70 percent of the Russian wheat market, has held talks in Egypt in 2014 and 2015 with Minister of Supply Khaled Hanafy to start their investments. Yet, no actual steps were taken by the Egyptian government and the plans were shelved, therefore the consortium then decided to seek other markets to make investments.