Riyadh – Mubasher: The Saudi Fund for Development (SFD) inked an export financing agreement with Egypt-based Canal Sugar Company at a total value of $50 million, according to a statement.
The funding deal is part of the initial financial support of $1 billion for Canal Sugar's project. About 30% of which will be allocated from the shareholders, while the remaining 70% is funded from local and international banking institutions.
Another Gulf entity, UAE-based Harris Pye Engineering Group, had signed an agreement with Canal Sugar in a bid to bolster its presence in Egypt.
