Banque Misr is considering the acquisition of a 20 percent equity stake in a new project in Minya to produce tomato paste and tomato concentrates, reported AmCham Agriculture Sector Coverage.
The project’s capital stands at LE 45 million with daily design capacity of 35 tons of tomato concentrates, in addition to 400 cartons of tomato juice and tomato paste packs.
The project is 20 percent owned by the National Bank of Egypt and 60 percent owned by Upper Egypt Investment Company.
Productivity of a feddan of tomato plantation in Upper Egypt reached 26.5 tons compared to 18 tons per feddan in other governorates.
Egypt is the world’s fifth largest producer of tomato with annual tomato crop reaching 7 million tons over two seasons.
