Egypt’s Misr Phosphate Company has announced plans to start construction of its new phosphoric acid project, located in the New Valley Governorate, next month.
The work is expected to be fully completed on the new Abo Tartor Phosphoric Acid Project by the end of 2022, said a report.
The company has an authorized capital of $100 million for the new project, reported Daily News Egypt.
The company, which recently won cabinet approval, has seen the total investments in the project soar to $1 billion, stated the report citing its top official.
A total of 65% of the investments would be funded by debt, while 35% will come through equity, said Misr Phosphate Company Chairperson Khaled El Ghazaly.
The project is now awaiting formal approval from the General Authority for Investment and Free Zones (GAFI), he added.
TradeArabia News Service