Egypt receives 3 offers to build $1.6bln phosphate fertilizer factories

Egypt’s General Authority for the Golden Triangle Economic Zone (GTEZ) has received three offers worth $1.6 billion from Egyptian and international investors to build phosphate fertilizers in Safaga.

The first project belongs to the Egyptian Financial and Industrial Company and has an investment cost of approximately $600 million, GETZ’s Head Adel Said told Asharq Business on July 18th.

The Egyptian businessman Mahmoud Muharram summited the second offer to secure 50-feddan in Egypt’s Golden Triangle area to establish a phosphate fertilizer and phosphoric acid factory, with initial investments of $150 million.

The third offer was made by an Australian coalition of Lion Bridge, affiliated with Wisen Group, West Tech, to invest $875 million to establish a phosphoric acid production plant.

Said explained that most of the expected new plant production of phosphate fertilizer will be destined for export, especially as it is close to Red Sea ports such as Safaga and Al Ain Sokhna.