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Tuesday, 28 December 2021

Food Industries Holding factories could get a EGP 6 bn PPP overhaul

Food Industries Holding Co factories could get a EGP 6 bn PPP overhaul: The Supply Ministry is considering partnering up with the private sector to establish four new industrial complexes for food production with investments of EGP 6 bn over the next three to five years, Hapi Journal quoted Supply Minister Ali El Moselhy as saying. The plan was outlined in a newly completed study by auditing and consultancy firm BDO on restructuring and developing five companies affiliated with the state’s Holding Company for Food Industries: Alexandria Oil and Soap; Tanta Oil and Soap; Nile Company for Oil and Detergents; Abo El Hol Company for Oil and Detergents; and the Egyptian Starch, Yeast, and Detergents Company. Back in 2020, the Supply Ministry announced that it was looking at potentially selling off some of the Holding Company for Food Industries’ factories as part of the government’s plans to develop and restructure state-owned enterprises.

Another Supply Ministry PPP project is also in the works: The government will also team up with private firms to establish four strategic warehouses for the Supply and Internal Trade Ministry at a total cost of about EGP 3.2 bn, according to a Finance Ministry statement.

Other things we’re keeping an eye on this morning:

  • The National Bank of Egypt (and fintech company OPay have signed a cooperation protocol to provide online payment and collection services for Egyptian SMEs.
  • Russian, Egyptian firms form JV for wheat imports: Agro Nile will be established as a joint venture between Russia’s United Grain Company and Egypt’s Astra to supply Russian grain to the Egyptian market starting in 1Q2022.
  • Egypt is rolling out its first ins. policy for Egyptian expats starting 1 January, developed by the Immigration Ministry, the Financial Regulatory Authority, and the Ins. Federation of Egypt.

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