Italy signs a deal to build 10 wheat silos in Egypt

Italy on Thursday has signed an agreement with Egypt to help in building 10 vertical wheat silos at a total cost of 260 million Egyptian pounds ($22 million) as part of the Italian-Egyptian Debt Swap (IEDS) Programme.
The project aims at establishing 10 vertical wheat silos in three governorates, namely Sharqia, Menofia, and Minya. It will be built by the state-run Egyptian Holding Company for Silos and Storage.
The agreement is part of the Italian-Egyptian Debt Swap (IEDS) Programme, which aims to reduce the Egypt’s Italian debts together with registering a positive impact on the socio-economic development and poverty alleviation, Minister of Investment Sahar Nasr said.
Italy and Egypt have been cooperating in the field of development through the Debt Swap model since 2001, year of the signature of the first phase Agreement of the IEDS which successfully concluded in 2008.
For the second phase agreement of the IEDS, it was signed in 2007 and it covers a period of 10 years, concluded in December 2017.
The third phase of the agreement was signed in 2012 and will be completed in 2023 for an amount of $100 million.