IFC commits US$40M loan to boost Egypt’s sugar beet production, self-sufficiency goals
IFC’s $40 million loan will support sugar beet cultivation in Egypt as the country targets sugar self-sufficiency and expands private-sector investment in agribusiness.
EGYPT – International Finance Corporation has committed a US$40 million loan to support sugar beet cultivation in Egypt, reinforcing the country’s efforts to strengthen domestic sugar production and reduce dependence on imports.
The financing will support sugar beet cultivation across 5,713 hectares as Egypt moves closer to achieving self-sufficiency in sugar production.
Official data shows that Egypt currently produces about 80% of its sugar requirements and is expected to reach full self-sufficiency by 2026, with projected production estimated at 2.9 million tonnes.
The investment is linked to Nile Sugar, a company owned by the Sawiris family that operates a sugar beet extraction and refining facility in Nubariyah, approximately 50 kilometres from the Port of Alexandria. The facility has an annual production capacity of 192,800 tonnes.
Earlier this year, Nile Sugar partnered with Uzbekistan to launch a US$450 million sugar investment project in the Jizzakh region. Uzbekistan’s Investment, Industry and Trade Minister, Laziz Kudratov, said the planned facility is expected to produce up to 200,000 tonnes of sugar annually.
The IFC said it has invested more than US$10 billion in Egypt’s private sector through over 300 projects spanning energy, agribusiness, healthcare, manufacturing, tourism and financial markets.
Among its previous investments, the corporation supported local sugar production through Delta Sugar and financed major infrastructure and energy projects including the Benban solar park in Aswan, Egypt’s first utility-scale battery storage system and the Damietta Container Terminal.
The organisation has also supported agribusiness and food production growth through Wadi Group and backed financial inclusion programmes such as the ZAAT initiative in partnership with Banque Misr.
According to Egypt’s Minister of Foreign Affairs, International Cooperation and Egyptians Expatriates, and Governor at the World Bank Group, Badr Abdelatty, the partnership between Egypt and IFC is focused on boosting investment, creating jobs and strengthening private sector-led sustainable growth.
Officials said the latest initiative is intended to attract more private investment into sectors capable of generating employment opportunities for Egypt’s growing workforce, with nearly 1.3 million young people entering the labour market annually.
In addition, the IFC recently launched five projects aimed at supporting micro, small and medium enterprises, improving climate resilience and expanding employment opportunities in Egypt and other African markets.
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