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Egypt to have new $372m sugar plant

2013-05-06 07:49:27| Sugar Industry News

The Islamic Corporation for Development of the Private Sector (ICD) has announced plans to invest $372m into building a mega sugar production facility in Egypt, Arab News has reported. Other shareholders of Al-Nouran Sugar include the Arab Fund for Economic and Social Development, the Egyptian Sugar & Integrated Industries Co, and Al-Nouran Multitrading, a private sector sugar trading house in Egypt. The project involves the construction of a new sugar production facility in Al-Sharkia governorate and the acquisition of an affiliated beet agricultural company. Production will reduce Egypt\'s reliance on imported sugar by 25% from the current one million tonnes annually, while exports of by-products will generate savings to the balance of payments of up to about $250m annually. The project is expected to be completed by Q4 2015.

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