(Ecofin Agency) - US firm Cargill aims to become one of the major actors of the Egyptian agro-food industry.

After announcing in 2015 a $100 million investment, the trader aims to bring this amount up to $300 million. This was revealed by Tarek Kabil, Egypt’s minister of industry and trade. Through this move, the group will be able to expand its portfolio of activities especially in terms of transport of logistics.

Besides this aspect, investment announced will help the group to develop its ongoing projects in Egypt.

These include a project which aims to expand its grain storage facility at the Dekheila port, Alexandria. The infrastructure needs an investment of $10 million and will have a storage capacity of 42,000 tons of cereals.

Moreover, Cargill currently works on expanding its cooking oil and soya flour production unit in Borg El Arab, south-west of Alexandria. Works for the project are set to end by October 2017.

Let’s recall that Cargill is part of the ABCD quartet that leads the global agricultural commodities trade industry. The other three groups are Archer Daniels Midland (ADM), Bunge and Louis Dreyfus.

At the end of its previous fiscal year on May 31, 2016, Cargill recorded about $107 billion of revenues.

Espoir Olodo