NBE, Banque Misr To Acquire Ruling Share In Two Factories

The National Bank of Egypt (NBE) and Banque Misr will acquire a ruling share in two factories for food industries in Upper Egypt; one for producing preserved vegetables and another for producing tomato sauce with total investment cost of EGP 225 million, sources told Amwal Al Ghad.

Both factories will start the production next September, sources said, adding that the investment cost of the preserved vegetables factory is EGP 125 million and the investment cost of the tomato sauce factory is EGP 100 million.

NBE and Banque Misr are currently reviewing the feasibility studies of the establishment of a factory for producing vegetable oils. The investment cost of the factory is valued at EGP 220 million and the factory is expected to start operating in 2014, sources added.

Besides, a source affirmed the importance of developing the cities in Upper Egypt so as to achieve an added value to the society and economy, in addition to decrease the internal migration rate.