| Egyptian firm invests in ports | Send to a friend |
| Monday, 15 March 2010 09:47 |
 CAIRO, SundayEgyptian private equity firm Citadel Capital has invested 1 billion Egyptian pounds in three Nile river ports and wants to invest in two more in the country, the daily al-Mal reported today. The firm is also eyeing investments in Sudanese river ports, and plans to link its port network to Juba in southern Sudan from Egypt's northern seaport city of Alexandria within the next four or five years, al-Mal added. State news agency MENA on Saturday quoted Egypt's transport minister as saying Egypt hopes to boost cargo transported via the Nile to 40 million tonnes within the next five years from 2.5 million tonnes currently. The government said in 2008 it expects an extra $8.9 billion in private investment in Egypt's transport sector over three years, and in 2009 said it wants 20 per cent of cargo in Egypt transported via the Nile and railroads within the next four or five years. The government will tender several river ports as part of its plan to encourage investment by the private sector, MENA quoted Transport Minister Alaa Fahmy as saying. Citadel on Saturday inaugurated Tanash river port in northern Cairo, which will send imported wheat from Alexandria to silos in Cairo and various governorates, MENA said. Egypt is the world's largest wheat importer. The 27,500 square metre Tanash port can receive up to 2 million tonnes of grain and goods, and 110,000 containers. Its quay wall is 3,200 metres in length, MENA added. In addition to Tanash, Citadel is developing a second port in southern Cairo and a third in Alexandria. The firm is looking for suitable land on which to develop two more river ports. Meanwhile, Egypt's Alexandria Cotton Exporters' Association (Alcotexa) committed to sell 3,155 tonnes of cotton in the week that ended on March 13, an Alcotexa official said today. The sales comprised 1,998 tonnes of Giza 86, 1,027 tonnes of Giza 88, 50 tonnes each of Giza 87 and Giza 80 and 30 tonnes of Giza 90, the official said. The deal brings Alcotexa's export commitments for the 2009/10 season, which began in September, to 62,011.3 tonnes of cotton worth $140.9 million, the official said. By this time last year Alcotexa had committed to sell 12,537 tonnes of cotton worth $33.7 million. Egypt expects to exports 80,000 tonnes of cotton this season, the agriculture minister said last month. Add this page to your favorite Social Bookmarking websites           |
| Last Updated on Monday, 15 March 2010 10:18 |
