Cairo – Mubasher: An Egyptian-Belgian consortium has signed a partnership contract for establishing a phosphate-based fertiliser facility with total $450 million (EGP 8 billion) in investments.
Egyptian investors will own 51% of the project, while Belgian businessmen will hold the remaining 49% stake, according to Almal News.
The project is set to be executed in three years with a preliminary production of 75,000 tonnes that will rise annually to 500,000 tonnes within seven years, Almal News reported.
About 50% of the project will be financed by the Belgian partners, while the remaining will be locally financed.
The consortium is currently in talks with Egyptian banks to choose the best offers, sources noted, pointing out that the whole production will be dedicated for export.
In June 2017, Egyptian investment minister said that Belgium’s investments in the North African nation hit $672 million distributed over 186 companies.
A Belgian trade delegation comprised of 25 firms is scheduled to visit Egypt next March to consider investment opportunities in the Arab world's most populous country, as well as the possibility of partnering up with local institutions in different industries.
