Egypt, the world’s largest wheat importer, is being asked to consider a
wheat storage program offered US company, Blumberg Grain, before Algeria gets a
chance to grab the $250 million investment.
According to an article recently published by Bloomberg, a company statement issued on Sunday by Blumberg Grain has stated that they expect to reach an agreement with Egypt in the next two weeks to expand its wheat storage network. A resolution is needed “as soon as possible as there are other countries competing for the investment program,” the company said.
Egypt stands to save $550 million a year of wheat now lost every year from waste, according to Blumberg.
“There are a number of countries competing for the investment program, for example Algeria” which “has expressed strong interest,” David Blumberg, chief executive officer of Blumberg Grain - Middle East & Africa, said by phone on Sunday. “We have a $250 million investment allocation towards the region.”
Wasted grain is a big problem for Egypt, where rising food prices intensified unrest that led to the overthrow of the government during Arab Spring protests in 2011. Wheat from local farmers is often stored in open-air pits, with as much as half of the crop lost each year to pigeons, rodents and thieves scavenging national stockpiles, according to Blumberg.
Read more HERE.
According to an article recently published by Bloomberg, a company statement issued on Sunday by Blumberg Grain has stated that they expect to reach an agreement with Egypt in the next two weeks to expand its wheat storage network. A resolution is needed “as soon as possible as there are other countries competing for the investment program,” the company said.
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| Image: Marc Di Luzio |
Egypt stands to save $550 million a year of wheat now lost every year from waste, according to Blumberg.
“There are a number of countries competing for the investment program, for example Algeria” which “has expressed strong interest,” David Blumberg, chief executive officer of Blumberg Grain - Middle East & Africa, said by phone on Sunday. “We have a $250 million investment allocation towards the region.”
Wasted grain is a big problem for Egypt, where rising food prices intensified unrest that led to the overthrow of the government during Arab Spring protests in 2011. Wheat from local farmers is often stored in open-air pits, with as much as half of the crop lost each year to pigeons, rodents and thieves scavenging national stockpiles, according to Blumberg.
Read more HERE.
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