SFD Sets Up Company To Manage Petrochemicals Complex

The Social Fund for Development (SFD) establishes a company to manage the establishment of a complex of 500 petrochemicals factories in Beni Suef with capital of EGP 50 million in partnership with the Industrial Development Authority (IDA) and the Egyptian Petrochemicals Holding Company (ECHEM).

The company will manage the project through storing equipments and providing machines and security, in addition to training the staff for the project which is the one project being financed by SFD, according to sources with knowledge of the matter.

These factories are part of a plan to establish 2500 petrochemicals factories for producing petrochemical products and raw materials in five governorates which are: Beni Suef, Port Said, Alexandria, Suez and Fayoum, sources added.

IDA and ECHEM target to build such project in order to boost national economy and reduce Egypt’s imports from outside. The factories that are destined to be built in Beni Suef will create about 10,000 job opportunities.