Egypt’s United International Company for Feed, Import and Export is establishing a 400-acre poultry and livestock farm project in the New Valley Governorate at a total investment of 500 million Egyptian pounds ($32 million), the company Chairman said. 

Abdel Hafez told Zawya Projects that the first phase of 200 acres have been developed and delivered while the remaining 200 acres would be delivered as part of second phase by early 2022. 

He disclosed that his company is negotiating for a 100-million-pound ($6.4 million) bank loan for the second phase. 

Hafez said the company’s annual sales of corn and soybeans in Egypt exceed 150,000 tonnes with supplies going to more than 30 factories across the country. 

He said the new project supports the Egyptian government’s ambitious plan to achieve self-sufficiency in basic commodities such as rice, oil and sugar. Among other things, the strategy involves cooperation between various ministries including agriculture, irrigation, trade and industry and the private sector to expand the production of strategic agricultural crops like cane and beet sugar, and oil crops in the country by increasing the area under cultivation.  

(1 US Dollar = 15.75 Egyptian Pounds) 

(Reporting by Marwa Abo Almajd; Editing by Anoop Menon) 

(anoop.menon@refinitiv.com) 

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