Al Ghurair Group of the UAE along with a number of UAE investors said that they will pump $100 million in a project of Canal Sugar Co. to establish an agricultural and industrial beet sugar project in western Minya, Upper Egypt, with a total investment of one billion dollars.
According to the feasibility studies, the shares of the non-Egyptian partners in the company will reach $210 million.
In a statement on Thursday, Investment Minister and International Cooperation Sahar Nasr asserted that her ministry is continuously following up all the current investment projects and encouraging more foreign direct investments in the Egyptian market.
Nasr said that this project is an unprecedented step in the field industrial agricultural investment as it will contribute to bridging the gap between sugar production and consumption in Egypt.
She also said that 180,000 feddans will be proclaimed in western Minya to cultivate sugar beet, adding that the whole harvest will be used to operate the would-be Minya-based sugar factory which will be the world’s biggest in producing sugar from beet.
The project will contribute to covering 75 percent of the local market’s supply shortfall as it will produce one million tons of sugar annually.
Egypt Today
14/03/2019
