Japanese Mitsui invests in Wadi to expand its agribusiness operations in Egypt



Sun, 19 Nov 2023 - 04:30 GMT


Sun, 19 Nov 2023 - 04:30 GMT

CAIRO – 19 November 2023: Japanese Mitsui Company, a global trading and Investment Company, concluded an agreement to invest in Wadi Pourtly and its subsidiaries. The exact amount of the investment has not been disclosed at this time.

The main objective of this agreement is to enhance the production of breeding chickens, as well as the processing of broilers and the manufacturing of processed food. Furthermore, the sale of these products is also a focus of the investment.

In addition to these goals, Mitsui aims to expand Wadi's agribusiness both within Egypt and internationally. The investment serves as a means for Mitsui to strengthen its food and nutrition business cluster and improve overall health and well-being through food.

In October, Walid Gamal el-Din, the Chairman of the General Authority for the Suez Canal Economic Zone (SCZone), welcomed a delegation of 24 Japanese companies. The purpose of their visit was to explore potential collaborations in renewable energy, green fuel, and various industries.

As part of a Japanese aid program, Egypt is set to receive a grant worth $110,000 to support small enterprises. This initiative was announced by Oka Hiroshi, the Japanese Ambassador to Egypt, in June.

Earlier in November, Minister of Finance, Mohamed Maait, announced that Egypt successfully sold ¥75 million (Japanese Yen), equivalent to approximately $500 million, worth of Samurai bonds in the Japanese market.

These bonds have a maturity period of 5 years and an average yield of 1.5%. It's worth noting that Egypt had previously issued Samurai bonds in March 2022, amounting to $500 million, or roughly ¥60 million at that time.



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