Minister of Planning and Economic Development and Egypt’s Governor at the Islamic Development Bank (IsDB) Group, Hala al-Said has said the success story of the Al Sharkeya Sugar Manufacturing Company is a unique model for investment partnership among the public and private sectors, Egyptian banks and Arab and international financing institutions including the IsDB Group.
The minister’s statements came during a tour of the company escorted by Minister of Supply and Internal Trade Ali El Meseilhi and other senior officials.
Al Sharkeya Sugar Manufacturing (ASSM) aims to bridge the gap between supply and demand in the Egyptian market, which exceeds a million tons annually, in addition to exporting the surplus in the future. Established to address the expanding and unfulfilled demand for quality white sugar in Egypt and the MENA region, ASSM is a green field project, building Egypt’s first state-of-the-art sugar production facility in the governorate of Al Sharkiya, with a total investment cost of EGP 6 billion. Its main activities are the production of sugar from sugar beets and refining raw sugar into white sugar, byproducts of which (molasses and fodder) will also be sold in international markets.
She added the success achieved by the company opens horizons for more investments in the fields of agricultural investment and supplementary industries.
For his part, Eng. Hany Sonbol, CEO of the International Islamic Trade Finance Corporation (ITFC) and the Acting CEO of the Islamic Corporation for the Development of the Private Sector (ICD) said the sugar company is one the biggest development projects carried out by ITFC, which is a member of the IsDB Group.
Dr. Shehab Marzaban, board chairman of the company, said the success of the project was a result of cooperation among various stakeholders and investors of ITFC.
