Cairo: Minister of Investment and Foreign Trade Mohamed Farid recently engaged in discussions with representatives from Italian companies Proger and Draxil concerning an ambitious $278 million investment project aimed at producing second-generation bioethanol. The project plans to utilize bagasse, a byproduct of sugarcane processing, reflecting Egypt's commitment to fostering a green economy and sustainable industries.
According to State Information Service Egypt, the meeting focused on reviewing the project's latest technical and implementation developments. The initiative seeks to transform agricultural and industrial waste into a valuable export product, thereby enhancing Egypt's manufacturing capabilities and supporting economic growth. Minister Farid emphasized the ministry's dedication to simplifying procedures for investors and improving service efficiency, with a particular focus on projects that boost Egypt's production and export capacities, stimulate economic growth, and generate employment opportunities.
Farid highlighted the significance of green economy and biofuel projects in attracting investment and establishing new export markets. He noted that this project exemplifies the strategic use of local resources, manufacturing depth, value creation, and export potential. The ministry is committed to providing the necessary support to fast-track the project's transition from the study phase to full-scale implementation, production, operation, and export, leveraging the availability of raw materials and other essential resources in Egypt.
Discussions also covered the potential for exporting a large portion of the project's output to European markets, thereby enhancing its foreign market reach and generating sustainable export revenues. The Italian firms' representatives shared their vision for the project's execution, recognizing the abundant availability of sugarcane bagasse in Egypt as an opportunity to establish an integrated industrial biofuel production project, with a strong focus on European market exports.
The meeting also evaluated technical tests conducted on bagasse samples, studies related to bioethanol production, and efforts to refine the feasibility study before finalizing the investment and financing structure. This discussion followed earlier talks between the Italian companies and Minister of Supply and Internal Trade Sherif Farouk, where they reviewed technical advancements, completed tests, proposed partnerships, and steps toward project implementation.