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Wednesday, 31 July 2019

Canal Sugar plans new USD 200 mn grain terminal in Damietta

INVESTMENT WATCH- Canal Sugar plans new USD 200 mn grain terminal in Damietta: Al Ghurair Group’s Canal Sugar is planning to invest USD 200 mn in constructing a pier and grains terminal in Damietta, CEO Islam Salem said at a press conference, according to Reuters. The terminal will discharge 3k tonnes of grains per hour. Canal Sugar will self-finance part of the project, and will seek funds from infrastructure financing institutions for the remainder. The contract is expected to be finalized by the end of the year.

Canal Sugar’s Minya beet sugar factory will be completed October 2020, and production will begin in 2021, Salem said during the presser. The USD 1 bn factory is expected to be the biggest of its kind in the world. Al Ahly Capital, which had signed a shareholder agreement in December for the factory with Al Ghurair and Murban, recently entered talks with international lenders for a USD 350 mn loan for the project.

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