Egypt, Italian firms discuss $278M bioethanol production project

Egypt is advancing discussions with Italian companies Proger and Draxil on a significant investment project to produce second-generation bioethanol. Minister of Investment and Foreign Trade Mohamed Farid met with representatives from the Italian firms to review the latest developments.

The project focuses on utilizing bagasse, a byproduct of sugarcane processing, as feedstock for bioethanol production. This initiative aligns with global efforts to promote renewable energy sources and reduce reliance on fossil fuels. The targeted investment for this venture is around $278 million.

During the meeting, officials reviewed the technical and implementation progress of the bioethanol project. The discussions highlighted the ongoing commitment to developing sustainable energy solutions within Egypt. The collaboration with Italian firms underscores the country's efforts to attract foreign investment in key industrial sectors.