(Ecofin Agency) - Ukrainian grain trader Nebulon will invest $2 billion to develop the cereal transport and storage system in the Nile Delta region, in Egypt. The news, relayed by Reuters, was announced July 1 by the supply ministry.

This investment covers the construction of grain silos on two sites near the Alexandria and Damietta ports. It also planned the construction of 20 barges, each set to transport 2,000 tons of cereals along the Nile River. Government said the project’s phase I, whose agreement was recently signed, would begin in two years.

Let’s note that the world’s largest wheat importer has recently announced it will start importing rice. The move is to offset the decline in the water-intensive crop’s production as the country feared Ethiopia’s Renaissance Dam project could threaten water supply from the river.

Espoir Olodo