Al Kharafi To Pump EGP 2 bln Investments in Alex

Maj. Gen. Ismail Nagdi, chairman of Industrial Development Authority (IDA), revealed that Alexandria governorate initially approved on allocating 500.000 cubic meters for Emac of Al Kharafi Group for manufacturing pelletized sponge iron.

In statements to “Amwal Al Ghad”, Nagdi asserted that Emac Holding Co. proved its seriousness in implementing the project, as it got its license in 2008 for manufacturing pelletized sponge iron; without registering in bid or competing with other companies.

He explained that it demanded 500.000 cubic meters on Mediterranean Sea in order to implement the project.

The chairman assured that the estimated production capacity of the project reaches 6 million tons of pelletized sponge iron, with EGP 2 billion investing costs.

Nagdi underscored on the significance of this project to deepen the local manufacture .