Egypt’s reserves of sugar is enough for 5 months to come, said Hassan Kamel, head of the Holding Company for Food Industries on Wednesday.
Egypt imports between 900,000 and one million tons of raw sugar annually. Out of which, the share of the Holding Company for Food Industries is about 500,000 tons.
The Central Bank has provided LE700 million to import food commodities for the company during the period the next, said Kamel.
The company aims to gain about LE600 million revenues during the current fiscal year, which ends in June.
Egypt’s total production of sugar in 2012 was about 2 million tons of cane crops and sugar beet. Domestic consumption is about 2.9 million tons, to bridge the gap between production and consumption, 900,000 tons are added, according to the data from the Ministry of Agriculture.
Edited translation from Anadolu Agency