Friday 18 Oct
A settlement agreement was signed in the presence of Minister of Justice Adnan Al Fangari, Minister of Water Resources and Irrigation Dr. Hani Sweilem, Minister of Agriculture and Land Reclamation Alaa El-Din Farouk, and Dr. Kamel Abdullah, Managing Director of the Suez Canal Sugar Company. This agreement benefits the Suez Canal Sugar project and involves the Ministry of Water Resources and Irrigation, the General Authority for Reconstruction Projects and Agricultural Development, and the Suez Canal Sugar Company.
The agreement aligns with ongoing
efforts to streamline procedures for investors, create a stable investment
climate, and support development projects. These initiatives aim to bolster the
Egyptian economy, generate job opportunities, and increase local production.
The technical secretariat of the ministerial committee for settling investment contract disputes held several meetings. These discussions resulted in a balanced settlement that protected the rights of both parties and addressed any obstacles faced by the investor.
The Suez Canal Sugar project is an integrated agricultural and industrial initiative designed to achieve self-sufficiency in sugar production for Egypt. This project involves cultivating beets and establishing a factory to produce high-quality sugar.
