Rachid Mohamed Rachid, minister of trade and industry and acting minister of investment, yesterday oversaw the signing of a contract between the National Fertilizers Company and the Egyptian-Kuwaiti Holding Company (EKH), to establish a fertilizer plant in Sadat City.
The plant will be set up on an area of 250,000 square metres allocated by the Industrial Development Authority (IDA) with investments of LE1.5 billion. It will produce 1.5 million tons annually, of which 44 per cent will be exported to the European market. The new plant will create 5,000 jobs.
The contract was signed by Mr. Ahmed Negm, who represented the national company, and Mr. Moataz El-Alfi, representing the EKH.
The plant will produce ammonium sulphate, calcium chloride, sulfuric acid, potassium sulfate, granular single super phosphate and compound fertilizers.
The contract reflects the Egyptian government's keenness to achieve Arab economic integration and increase bilateral trade and joint investments with Arab countries. The government is also keen to remove all obstacles to the flow of bilateral trade and Arab investments, increase areas of cooperation between Egyptian companies and their Arab counterparts and to establish more joint investments, Rachid remarked.