Jul 02 2012 |
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Egypt's IDA to sign contract this week to build USD100m sugar plant
By Alaa El Taweel Egypt's Industrial Development Authority (IDA) and the Port Said Sugar Company will sign a contract this week with a consortium of local and international companies to construct a sugar plant for USD 100 million (EGP 600 million) in the Port Said governorate, a senior official told Zawya.IDA's partnership in the project is to the tune of EGP 100 million, which is the value of 450,000 square meters of land on which the plant will be located. The other shareholders are Egyptian businessmen Fawzi Shendi, Omar Komi and Saeed Shendi, El-Nagdy said.
"We will invite the winning bidders to sign the final contracts during the next few days. The plant is expected to be functional 30 to 36 months later," El-Nagdy said.
Egypt produces 1.5 million tpa of sugar, meeting about half of the country's needs. The rest is imported.
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