Egypt’s Minister of Supply and Internal Trade lays foundation stone for logistics zones project

Egypt's Minister of Supply and Internal Trade, Ali El-Moselhy on Monday laid the foundation stone for the construction of two logistics zones, spread across a total area of 22 acres, in Kafr El-Sheikh Governorate.

The projects are being developed at an investment of 6 billion Egyptian pounds ($194 million), and will include warehouses, storage yards, facilities to support wholesale trade, packaging, cold storage, office units, service units as well as shopping centres, the Ministry of Supply and Internal Trade said in a press statement.

Ibrahim Ashmawy, First Assistant Minister of Supply and Chairman of the Internal Trade Development Authority (ITDA) said the project completed within a timeframe of 36 months and is likely to generate around 20,000 direct and indirect job opportunities.

Ashmawy said over the past five years, the ITDA has successfully implemented over 26 projects with investments exceeding EGP60 billion ($1.9 billion). These projects comprise multi-activity commercial centres and strategic warehouses, covering over 63 percent of Egypt's governorates.

Internal trade accounts for 22 percent of Egypt's gross domestic product, the statement said.

Last week, the Minister had launched a national project to build strategic food warehouses in different parts of the country. He laid the foundation stone for the construction of the first warehouse in the project in Suez governorate. The warehouse, spread over an area of 10 acres, will cost EGP1.5 billion ($49 million), and is expected to be completed in 24 months.