Arab FinanceHossam Heiba, CEO of the General Authority for Investment and Free Zones, met with Zeng Yue, Vice President of the Chinese Asia Potash Company, to discuss establishing an industrial complex for the production of phosphate fertilizers in Egypt, according to statement cabinet.
The company aims to pump investments worth $1.6 billion in the first phase of exploring and extracting 2 million tons of phosphate annually, converting them into phosphate fertilizers, and exporting 100% of the production to neighboring markets, provided that the total investments for all phases of the project reach $7 to $10 billion, and the capacity reaches… The final productivity of the project is 10 million tons of phosphate.
The company also plans to establish an industrial complex and extract phosphates in the area extending from the west of the city of Esna in Luxor Governorate in the north to the city of El-Sabaia in Aswan Governorate in the south. The first phase will be completed within a year and a half from the start of construction and exports will take place through Safaga Port.
Hossam Heiba ​​confirmed the company’s right to obtain many investment incentives, as its investment strategy is consistent with Egypt’s sustainable development plans, as the company will localize advanced technology in the field of extraction and manufacturing, and plans to provide 3,000 direct job opportunities in the first phase of the project, and all production will be directed to export. Increasing Egypt's foreign exchange earnings, the company also places social responsibility among its priorities, as in its previous global investments it has pumped large investments into the environment surrounding the project in the education, infrastructure and production sectors. Agricultural.
Zeng Yue, Vice President of the Asia Potash Company, pointed out the increasing interest of many Chinese institutions in concluding investment partnerships with the Egyptian side, and pumping high-value-added investments into an attractive investment environment such as the Egyptian market, indicating that the company plans to partner with planned green ammonia production projects. It will be operated in Egypt during the coming years to provide energy supplies for the company’s industrial complex, which will achieve the company’s strategy to produce environmentally friendly fertilizers.
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