Al Canal sugar factory to output 400k tonnes when production resumes in 2021

Al Canal’s USD 1 bn Minya sugar factory will output over 400k tonnes of white sugar when production resumes in the 2021 season, CEO Eslam Salem told reporters, according to Reuters. Salem said that the factory will reach full capacity of 900k tonnes in 2023. The facility’s production will cover 80% of Egypt’s current sugar gap, where Egypt produces around 2.5 million tonnes of sugar annually but needs 3.3 million tonnes, according to the newswire. Separately, the company will close within months the second tranche of a USD 700 mn syndicated loan it received from Egyptian last yearto contribute to financing its Minya project.