Minister of Trade and Industry Tarek Kabil announced that Evergrow Fertilizers, which produces phosphate and mixed fertilisers will establish a new project in Egypt in cooperation with two leading international companies in the field with investments worth EGP 9.5bn.
This came after a meeting held with Hossam Khattab, assistant of the Minister of Trade and Industry, Mohamed El Kheshen, chairperson of Evergrow Fertilisers and representatives of the two international companies.
The minister added that this project will produce about 1.1 million tonnes annually, divided into 600,000 tonnes of compound fertilisers and 500,000 tonnes of calcium phosphate.
In the same context, he explained that the company will produce 700,000 tonnes of sulfuric acid.
Moreover, the minister added that the project will provide 5,000 job opportunities.
“It is planned to start production in early 2020,” according to the Minister of Trade and Industry Tarek Kabil.
Meanwhile, Khattab said the minister will coordinate with the Industrial Development Authority (IDA) to determine the area needed by the project to start the implementation procedures as soon as possible.
On the other hand, the chairperson of Evergrow said the new project aims at directing 25% of the production to the local market and exporting 75% of the production to the international markets, especially the East African markets.
He pointed out that the main reason for establishing this project in Egypt is the availability of the low concentration phosphate with a range of about 23-24%, which is appropriate with the products nature that the company wishes to produce.
Moreover, the representatives of the two global companies stressed that their decision to be present in the Egyptian market during the current period came as a result of the competitive investment advantages that the Egyptian market have.
Earlier in 2015, the statistics revealed that Egypt is in sixth position globally in terms of phosphate production.