IFC signs USD 40 million deal with Egyptian Nile Sugar

The International Finance Corporation has signed a USD 40 million loan agreement with Nile Sugar to finance a sugar beet cultivation project in Minya Governorate.

The financing will support the cultivation of 5,713 hectares in Upper Egypt and is intended to help reduce the country’s sugar import bill, with domestic production currently covering around 80% of demand.

According to the agreement, the cultivation project will be implemented by Nile Sugar, a company established by the Sawiris family to build and operate a beet sugar extraction plant and refinery in Nubariyah, approximately 50 kilometres from Alexandria.

The company’s refinery has a production capacity of 192,800 tonnes. The agreement comes within the framework of a 50-year partnership between the International Finance Corporation and Egypt.

According to projections referenced in the announcement, Egypt is expected to reach sugar self-sufficiency by 2026 with estimated production reaching 2.9 million tonnes.

The International Finance Corporation stated that it has invested more than USD 10 billion across over 300 private-sector projects in Egypt throughout its partnership with the country, spanning sectors including energy, agribusiness, manufacturing, healthcare, tourism, and financial markets.

More details: https://cairoscene.com/News/IFC-Signs-USD-40-Million-Deal-for-Nile-Sugar-Project-in-Minya