The Islamic Development Bank (IsDB) is seeking to establish a USD 250 million industrial sugar plant in Egypt, a source with knowledge of the project told Zawya.
Khaled Al Abboudy, chief executive officer of the Islamic institution for the development of the private sector, which is a subsidiary of IsDB, said the sugar production plant will be carried out in partnership with foreign investors.
"Details of the project will be announced during the current month," he told Zawya, without confirming the identities of the international investors.
Egypt, which is one of the most populated countries in the Middle East and North Africa (over 82 million as of 2011, according to World Bank data), is expected to reap significant benefits from the new sugar factory.
"Every two years, the country requires a new sugar production plant to compensate for the rising consumption deficit.Despite sugar production amounting to 2 million tons - split equally between sugar beet and sugar cane - there is still a current gap of 900,000 tons per year. Consumption has been recorded at 2.9 million tons," said Dr. Abd Elwahab Allam, chairman, Sugar Crops Council, Egypt.
© Zawya 2013
