Nasr urges pumping more investments into sugar sector in Egypt

Minister of Investment and International Cooperation Sahar Nasr welcomes pumping more investments into the sugar sector in Egypt.

Addressing the inaugural session of the Dubai Sugar Conference on Sunday, she said the Egyptian government has recently signed an agreement with the UAE-based Al Ghurair Group to establish a mammoth sugar production project in the Upper Egypt governorate of Menya.

Nasr added that the 1-billion-dollar project whose annual production will amount to 750,000 tons, is set to fill 75% of the consumption gap in Egypt, the Investment Ministry reported in a press statement.

Nasr said the investment climate in Egypt is encouraging, especially after endorsing the new investment law.

Meanwhile, Managing Director of Al Khaleej Sugar Jamal Al Ghurair said the factory will be the biggest in Africa and the Middle East.

He said the positive developments in the Egyptian economy and the new investment law have led to striking the factory’s agreement.

Egypt has become an investment-encouraging state, he added. (MENA)