Egyptian African Company to finish Sudan’s sugar factory in 3 years

The Egyptian African Company for Investment and Development (EAC) targets completing its sugar factory in Sudan in three years, Farouk Shaqweer – permanent advisor at EAC- said Wednesday.

Speaking to Amwal Al Ghad, Shaqweer stated that the factory is to be established by a Chinese company with investments estimated at around US$200 million.

The project’s funds are set to be provided through cooperation between Sudanese and Chinese governments, the advisor noted

The works in EAC’s $400 million-sugar factory in Tanzania have been stopped as the Tanzanian government refused to give sufficient deadline for the company to make the necessary studies for the project, the official noted.

On other side, Shaqweer pointed out that EAC intends to promote the project of reclaiming 5,000 feddans in Toshka ,in Southern Egypt, within the upcoming period.

The Egyptian African Company for Development and Investment was constituted in 2011 under an initiative of the Egyptian Businessmen Association (EBA) and capitalised at US$100 million. Shareholders of the company include both National Bank of Egypt (NBE) and Banque Misr (BM).