Cairo – Mubasher: Al Ahly Capital, the investment banking arm of Egypt's largest state-owned lender the National Bank of Egypt, plans to invest EGP 1.5 billion in the UAE’s Al Ghurair Group’s sugar refinery.
Al Canal Sugar, a subsidiary of the Emirati firm, is managing the establishment of the sugar refinery in the Upper Egypt governorate of Minya.
Al Ahly Capital now has a 27% stake in the project, head of investment Karim Aboul Naga told Almal News.
He highlighted that the company is currently negotiating with a number of local banks, in addition to the International Finance Corporation (IFA), to finance the project.
The full details will be unveiled by next July, he added.
Al Ghurair Group’s Canal Sugar Co has a 33% stake in the project.
