Cairo –  Canal Sugar Co. plans to establish a grain terminal and a pier with investments valued at $200 million in the Egyptian port of Damietta, the company’s CEO and managing director Islam Salem said.

The project will include a 250-metre pier for transporting grains as well as a grain terminal, the top official added on the sidelines of the project launching conference on Tuesday.

With a vertical storage system, the grain silo will have a discharge capacity of 3,000 tonnes per hour, while the storage capacity wasn’t disclosed.

The project will be financed by shareholders along with several financial institutions, Salem revealed.

UAE’s Al Ghurair Group and Murban hold a 70% stake in Canal Sugar Co, while Al Ahly Capital holds the remaining 30% stake.

In April, Canal Sugar Co signed three contracts worth EGP 5 billion to establish a $1-billion factory in Minya scheduled to start production in January 2021.

 

Translated by: Zeinab Adel

Source: Mubasher

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