The Suez Canal Authority and Qatari dairy producer Baladna signed a joint cooperation memorandum with $1.5 billion in investments directed to developing the local dairy production and processing industry.
Through this joint cooperation memorandum, a cattle farm will be launched with an initial capacity of 20,000 dairy cows with the aim of producing 300 million liters of milk annually.
In addition to that, 280,000 acres will be cultivated in the New Valley Governorate to provide feed and agricultural products to cover the necessary needs of the project, and for local use and export.
Egyptian Prime Minister Mostafa Madbouly witnessed the signing ceremony between the Suez Canal Authority and Baladna.
The prime minister stated that the agreement comes within the efforts made towards advancing bilateral relations between Egypt and Qatar on the economic level and is the result of preliminary discussions and studies that lasted for months.
Madbouly pointed out that the project includes promising opportunities to advance food security in Egypt through dairy products, provide job opportunities for young people, and save the cost of importing these products in hard currency.
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