Establishing Canadian - Egyptian - British company for agricultural investment

A contract to found the largest joint Canadian - British - Egyptian industrial and agricultural company in the Owainat region was endorsed yesterday.

The company is to work in the areas of land reclamation, manufacturing oil, and agricultural industries with a capital of $300 million.

The head of investment department, Ibrahim Fawzyi, stated that the foreign contributions in this company amount to 80% of the capital.

The goal of the company will be reclamation of 400,000 feddans in the region, to fulfill the needs of oil factories from cotton, sunflower, soybean and seeds, where 100% of the products of the cotton gin affiliated to the project will be exported.