U.S. Blumberg Grain explores Egypt future development projects
Egypt’s Minister of International Cooperation Sahar Nasr received Wednesday a delegation from US-based global food security company Blumberg Grain.
The delegation included the U.S. company’s Chairman Philip Blumberg and its CEO David Blumberg.
The Egyptian minister gave an overview of ongoing and future development projects to which Blumberg Grain can contribute.
Upon President Abdel Fattah al-Sisi’ directives, the Egyptian government is implementing several development projects that aim to create job opportunities for youth, raise standards of living and provide all basic requirements for citizens, especially in the agricultural field, minister Nasr said.
Nasr commended Blumberg Grain’s project which would turn Egypt into the hub of food security in the Middle East and Africa.
This includes several projects such as the Shouna project for all Egyptian farms, building a manufacturing plant for the MENA region in Port Said, developing a logistics services zone for increasing the production of perishable products in Egypt, and investing in the huge plant for a cooling equipment chain in Damietta and Port Said.
Philip Blumberg said that his company started the first phase of the barn development project and it included the establishment of 93 collection and treatment centres affiliated to Blumberg in 20 governorates during the harvest season of 2016.
He added that the second phase would start soon.
This project is expected to reduce the amount of hard currency used for importing wheat, Blumberg noted.
The Chairman pointed out that they are committed to supporting the Egyptian government in assisting farmers, investing in Egypt and contributing to economic growth by turning Egypt into an international agricultural hub, owing to its leading role in food security on the level of the African continent.
He also noted that establishing the manufacturing zone would contribute to creating around 1000 new direct job opportunities in Egypt and would generate around US$8 billion within five years. The manufacturing zone will also export Egyptian made equipment and machinery, which would, in turn, lead to a great increase in Egyptian made exports, besides securing foreign currency.
