Egypt to establish giant commodity stores at LE21 bn cost

Egyptian Ministry of Supply’s Internal Trade Development Authority on Sunday consulted with several global companies to establish giant commodity stores increasing the strategic stock of basic commodities in the governorates of Giza, Beni Suef, Qena, Qalyubiya, Gharbiya, Ismailia and Beheira.

The stores will cost LE21 billion to establish, Minister of Supply Ali Meselhy said, and will extend the shelf-life of products such as meat, poultry and wheat from six to nine months based on orders from President Abdel Fattah al-Sisi.

The chief of the Internal Trade Development Authority Ibrahim Ashmawy held talks with governors to offer lands for sale to be designated for these stores.

Ashmawy said that the authority signed a memorandum of understanding with the company Agility, specialized in establishing and operating giant stores, to construct two stores – one in 6th of October City and the other at Qalyubiya, both covering 50 acres.

The rest of the stores across the country will be established in partnership with the private sector and major investors.

Set up with the latest technologies, these stores will use control rooms to identify the number of commodities and the quantities to be stored.

Ashmawy said, “There may be places for fruit and vegetable products in these stores, which will increase the products offered for sale and will accordingly reduce prices.”

He added that the stores will be established on state-owned lands offered for sale through the usufruct system. The supply ministry will own 40 percent of the commodities in the stores.

Edited translation from Al-Masry Al-Youm

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