PROJECTS: Egyptian United International Feed invests $ 32 million in poultry farm and livestock project

Egypt’s United International Company for Feed, Import and Export sets up 400-acre poultry and livestock farm project in New Valley Governorate for a total investment of 500 million Egyptian pounds ($ 32 million) , said the president of the company.

Abdel Hafez told Zawya Projects that the first 200-acre phase has been developed and delivered while the remaining 200 acres will be delivered as part of the second phase in early 2022.

He revealed that his company is negotiating a bank loan of 100 million pounds ($ 6.4 million) for the second phase.

Hafez said the company’s annual corn and soybean sales to Egypt exceed 150,000 tonnes, and the supplies are destined for more than 30 factories across the country.

He said the new project supports the Egyptian government’s ambitious plan to achieve self-sufficiency in basic commodities such as rice, oil and sugar. Among other things, the strategy involves cooperation between various ministries including agriculture, irrigation, trade and industry and the private sector to expand the production of strategic agricultural crops like cane and beet sugar, and oilseed crops in the country by increasing the cultivated area.

(1 US dollar = 15.75 Egyptian pounds)

(Reporting by Marwa Abo Almajd; editing by Anoop Menon)

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© ZAWYA 2021

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