Arab Finance: The Egyptian Ministry of Trade and Industry has probed with Austria’s Petrochemical Holding GmbH and the Czech-based chemicals manufacturer Draslovka the possibility of setting up a sodium cyanide production factory in Egypt, a statement showed.

This came during a meeting between the Egyptian Minister of Trade and Industry Ahmed Samir and a delegation from both firms.

The factory is set to meet the local market needs of sodium cyanide and export 80% of its production to the Mediterranean Basin countries, the Middle East, and Africa.

The first phase of the project will be carried out with investments worth $160 million, Samir pointed out, adding that the project would fulfill the needs of several strategic industries in Egypt, such as minerals, pharmaceuticals, and agricultural pesticides.

JP Morgan expects $16.2B increase in Egypt’s FX reserves in FY2024/25 Updated 5/4/2024 10:07:00 AM

Fitch revises Egypt’s outlook to positive Updated 5/4/2024 10:06:00 AM

Egypt requests 150% annual wheat credit limit increase from ITFC Updated 5/2/2024 2:40:00 PM

Egypt’s state treasury supports special funds’ employees with EGP 3B in FY2023/24 Updated 5/2/2024 12:38:00 PM

UK’s ECGD, GAFI ink MoU to boost trade, investment ties Updated 5/2/2024 10:49:00 AM