The wood factory project will cost up to EGP 3 billion.
Kuwait Holding Company Chairman and CEO Moataz Al Alfi said in a statement that they plan on creating a wood factory in Minya; the factory is set to beging operating by around 2020.
The project will plant trees using treated sewage water over 6,000 feddans of land; treating sewage water is one of the ministry's approaches to challenging Egypt's water scarcity problem. The treatment improves the quality of the water, which could then be used for agriculture.
The projected cost of the project is at $168.5 million -equivalent to EGP 3 billion-, while the estimate of the annual production is at $50 million. Egyptian banks will be providing EGP 1 billion in funds to assist the project.
With each tree farm that is built in Egypt, more jobs will be created. It also saves Egypt imports cost; between 2005 and 2015, Egypt imported a total of 12,300 tonnes of wood, according to Al-Ahram Agriculture.
According to Al Alfi, the tree farm will boost the economy in terms of warehousing, refrigerating, sorting, packaging, wholesaling, and distributing. The logistic zone for the project, which will be located in Beheira, will open up doors with 17,000 jobs, and the prospect of big investments in the future.
Main image from Inflor.