Canal Sugar pens $50mln financing deal with Saudi Fund for Development

The deal aims at boosting the trade volume between Egypt and Saudi Arabia

  
Image used for illustrative purpose. Smoke billows from a chimney of the Nile Sugar Company factory along a highway of the Mediterranean city of Alexandria, north of Cairo, March 26, 2013.

Image used for illustrative purpose. Smoke billows from a chimney of the Nile Sugar Company factory along a highway of the Mediterranean city of Alexandria, north of Cairo, March 26, 2013.

REUTERS/Amr Abdallah Dalsh

ArabFinance: Canal Sugar Company announced signing a $50 million export financing agreement with the Saudi Fund for Development (SFD), the company said in a statement on April 7th.

The deal aims at boosting the trade volume between Egypt and Saudi Arabia through providing credit facilities to stimulate Saudi exporters and Egyptian buyers who seek to obtain financing to import products from Saudi Arabia.

The new facility will help Canal Sugar to create opportunities and trade relations between both countries, in addition to establishing an integrated project that supports Egypt’s economy.

CEO of Canal Sugar Islam Salem said that the deal would help in completing the project’s total cost valued at 1 billion, 70% of them are financing from local and international banks.

Canal Sugar is an integrated Agro-industrial project incorporating reclamation and cultivation of 181,000 acres of land (c.76,000 hectare / 790 square kilometers), making it the largest agricultural project in Egypt since 1952, in addition to building and operating the world’s biggest sugar beet processing plant with an annual production capacity 900,000 Tons of a premium white sugar.

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