Egypt has signed two investment agreements worth $6bn in a bid to develop a global logistics centre for grain handling and a city of commerce and shopping project.

DN Egypt reported citing country's supply minister Khaled Hanafy that the new logistic centre is expected to handle as much as 65m tonnes of grains and basic food commodities trade annually.

The new logistic centre will be located in a 3,350 sq km land in Damietta in the Delta area, while the city of commerce project would be based in the Suez Canal area.

Hanafy was quoted by DN Egypt as saying: "These two new agreements have a strategic nature for their effect on developing the commercial infrastructure, facilitating domestic commerce and creating job opportunities."

This investment will also see the construction of storage silos and two new quays, which will be capable of receiving huge shipments in Damietta Port.

It is estimated that the new silos would increase the port's storage capacity to 7.5m tonnes from the current capacity amounting to 2.5m tonnes.

The food products including wheat, pasta, cooking oil and sugar will be manufactured in the industrial zone in order to meet domestic consumption and export needs.