Egyptian Senator submits proposal to build phosphate processing factory in New Valley

CAIRO – 11 January 2023: The Senate's Agriculture and Irrigation Committee discussed Tuesday evening the proposal of Senator Moomen Moaz to build a phosphate processing factory in the New Valley, as the area is already home to the raw material.

The factory would produce fertilizers, and other products that can serve the industrial sector. The committee's chair, Senator Abdel Salam al-Gabaly, underlined that the move would contribute to reducing imports and creating jobs. That is in addition to adding value in the economy instead of just exporting raw phosphate.

Gabaly pointed out that the cost of establishing the factory is $1.2 billion, adding that financing can be done through either loans from international institutions or partnering up with private investors.