Minister of Investment and Foreign Trade Mohamed Farid held talks with representatives of Italian companies Proger and Draxil on the latest developments in an investment project to produce second-generation bioethanol using bagasse generated from sugarcane processing, with targeted investments of around $278 million.
The meeting reviewed the latest technical and implementation developments of the project, which aims to utilize agricultural and industrial waste and convert it into a value-added, exportable product, supporting Egypt’s drive toward a green economy, sustainable industries and deeper local manufacturing.
Farid affirmed that the ministry is working to facilitate procedures for investors and improve the efficiency of services needed to attract further investment, noting that priority is given to projects that contribute to increasing Egypt’s production and export capacities, supporting economic growth and creating jobs.
He said green economy and biofuel projects represent promising areas for attracting investment and opening new export markets, stressing that the project combines the utilization of local resources, deeper manufacturing, value creation and export opportunities.
The minister said the ministry would provide the necessary support to expedite the completion of the project’s requirements, enabling it to move from the study phase to implementation, production, operation and export, while benefiting from the availability of raw materials and other prerequisites for establishing the project in Egypt.
The two sides also discussed opportunities to export a substantial portion of the project’s output to European markets, enhancing its access to foreign markets and generating sustainable export revenues.
Representatives of the Italian companies outlined their vision for implementing the project, stressing that the availability of sugarcane bagasse in Egypt presents an opportunity to establish an integrated industrial project for producing second-generation biofuel, with the potential to direct a significant share of production to European markets.
The meeting also reviewed the results of technical tests conducted on bagasse samples and studies related to bioethanol production, as well as efforts to update the feasibility study ahead of completing the final study and determining the project’s investment and financing structure.
The meeting followed talks between representatives of the two companies and Minister of Supply and Internal Trade Sherif Farouk on the project’s technical and implementation developments, completed tests and studies, proposed partnership structures and steps toward implementation.
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