Gov’t ministers and Officials Inspect Eastern Sugar Company (Noran) Factory, Celebrating 700 Jobs and $60 Million in Exports

H.E.Dr. Hala El-Said, Minister of Planning and Economic Development and Egypt’s Governor at the Islamic Development Bank, Dr. Ali El-Moselhi, Minister of Supply and Internal Trade, and Eng. Hani Salem Sonbol, Acting CEO of the Islamic Corporation for the Development of the Private Sector and CEO of the International Islamic Trade Finance Corporation, conducted an inspection tour of the Eastern Sugar Company (Noran)’s factory in New Salhia City, Sharqia Governorate, Egypt. The tour was attended by Dr. Mamdouh Ghorab, Governor of Sharqia, Dr. Shehab Marzban, Chairman of the Board of the company, and representatives of the company’s executive management.

Dr. Hala El-Said highlighted that the success story of Eastern Sugar Company (Noran) exemplifies a unique model of investment and development partnership, combining the public and private sectors, Egyptian banks, and Arab and international financial institutions, including the Arab Fund for Economic and Social Development and the Islamic Corporation for the Development of the Private Sector, a member of the Islamic Development Bank Group. She emphasized that the company operates in one of the most promising and strategic industries—sugar manufacturing—and plays a vital role in meeting local market needs while increasingly contributing to raw sugar exports.

Dr. El-Said added that the company’s success opens the door for further expansion in agricultural investment and complementary industries. She affirmed Egypt’s support for this type of investment and development partnership as part of its serious efforts to stimulate the private sector and create an environment conducive to its continued active role in achieving comprehensive and sustainable development.

Eng. Hani Salem Sonbol, CEO of the International Islamic Trade Finance Corporation and Acting CEO of the Islamic Corporation for the Development of the Private Sector, stated: “This project, valued at over EGP 6 billion, is one of the largest development projects supported by the Islamic Corporation for the Development of the Private Sector.”

He added, “We are proud of the positive impact this project has had on the community. We have created over 700 direct jobs and supported 30,000 farmers. The project has also generated exports exceeding $60 million.”

Regarding the International Islamic Trade Finance Corporation, Sonbol noted that, in support of Egypt’s food security, the corporation executed a new financing operation, EGY-228, for the General Authority for Supply Commodities. This involved opening letters of credit for 500,000 tons of sugar, totaling $279.1 million, to meet part of Egypt’s sugar needs from May to August 2024.

Dr. Shehab Marzban, Chairman of Eastern Sugar Company (Noran), confirmed that the company represents a success story through the collaboration of a diverse group of shareholders and investors, including international financial institutions—the Islamic Corporation for the Development of the Private Sector and the Arab Fund for Economic and Social Development—the private sector represented by Eng. Sadeq Al-Suwaidi and the Nouran Group, the public sector represented by the Integrated Sugar Company, and the banking sector represented by Banque Misr. He explained that since its establishment, the company has played a significant role in bridging Egypt’s sugar gap caused by rapid population growth. The company produces 250,000 tons of white sugar annually from sugar beets and raw sugar refining, 100,000 tons of animal feed, and 100,000 tons of molasses. The feed and molasses are exported, boosting Egyptian exports and providing foreign currency to support the Egyptian economy.

Notably, the Eastern Sugar Company (Noran)’s factory is one of the prominent projects supported by the Islamic Corporation for the Development of the Private Sector, alongside several international financial institutions and Banque Misr, and the Egyptian private sector to bolster food security in Egypt. The factory, established on 420 acres in New Salhia City, has significantly increased Egypt’s sugar beet cultivation capacity by approximately 2.5 million tons and achieved exports exceeding $60 million. It has created around 700 direct jobs and over 30,000 indirect jobs. The company produces three products year-round: the primary product is white sugar, and the secondary products are animal feed and molasses. Both feed and molasses are export products that significantly contribute to foreign currency generation for Egypt’s economic development. The company’s white sugar production accounts for about 15% of Egypt’s beet sugar output and approximately 11% of Egypt’s total sugar production from both cane and beet. The company cultivates 80,000 acres of sugar beets annually to produce 2 million tons of beets.