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SFD signs $50m financing deal with Egypt's Canal Sugar

SFD signs $50m financing deal with Egypt's Canal Sugar
The funding deal is part of the initial financial support of $1 billion for Canal Sugar's project

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.