All funds invested will be Egyptian, although no entities or institutions have been named, according to investment bank Beltone Financial, which said it had contacted the management of Delta Sugar -- Egypt's main producer -- but the company had denied any participation.

 

The bank added that, while the current supply of sugar only fulfils some 72 per cent of demand as of 2010 -- around 1.99 million tonnes per annum -- the real aim does not appear to be refining capacity additions, rather than increasing sugar beet and sugar cane production. 

 

"We do not see this move as positive unless there is sugar beet supply in the plant’s environs, or the investors are planning to establish sugar beet farms close to the new plant," the bank added, noting the latter was likely if such a project was serious.