Egypt’s ESIIC Eyes EGP400mln New Investments in FY14/15

Egyptian Sugar and Integrated Industries Company (ESIIC) the subsidiary of the state-owned Food Industries Holding Company is planning investing fresh investments worth EGP400million within the ongoing fiscal year of 2014/2015 in order to develop and modernize the company’s production lines.

Chairman of the ESIIC Mr. Mohamed Abdel Rehim asserted that his company eyes buying developed production lines so as to increase its capacity from million and 100.000 tons sugar per year to 2 million tons.

sugar supplied by the government through the food subsidy system amounts to 1.5 million tonnes per year. The government imports around 350,000 tonnes of raw sugar from Brazil in an attempt to fulfill the gap between the amount produced and consumed.

Ahmed El-Rakaybi, former head of ESIIC said the ESIIC already invests around LE200 million to LE300 million annually in upgrading and developing the company’s machinery.

Furthermore, the company’s products cover the Egyptian market needs and 150 thousand tons of sugar has been exported per year to COMESA.