Translated version of this PSD: Arabic
The EBRD is considering the provision of up to USD 50 million working capital loan to United Sugar Company of Egypt (USCE) to support its sugar refinery operations.
The transition impact is envisioned to be derived from promoting competition in the state-dominated sugar sector in Egypt by supporting a private sector company.
Furthermore, the Project shall support the Company in its continued efforts to improve business conduct and operational standards including the implementation of production management programs and expanding training program for its employees.
United Sugar Company of Egypt is an Egyptian joint stock company established in 2005 and specialised in refining and packaging sugar in its refinery plant based in Ain Sokhna port. The Company is a subsidiary of United Sugar Company.
3 year working capital facility of up to USD 50 million to support the Company’s sugar operations.
USD 230 million.
Categorised B. The production of sugar is associated with a number of environmental and social issues although these are typically well understood, can be easily identified and readily addressed through appropriate mitigation measures. The potential impacts associated with this particular project are somewhat lessened by the fact that the Company is processing raw sugar as opposed to also processing sugar beets.
Independent consultants are currently finalising the due diligence which involved a site visit and an assessment of how the USCE production facilities comply with the Best Available Techniques (BAT) requirements of the EU. The due diligence did not identify any significant issues. Several opportunities for improvements to align the Company with the EBRD Environmental and Social Policy and PRs have also been identified. These included the reduction of air emissions and water management measures, formalisation of a number of safety management controls and formal commitment to the maintenance of a number of critical labour standards areas.
Upon its completion of the due diligence, the consultants will prepare an environmental and social action plan (ESAP), a stakeholder engagement plan (SEP) and a non-technical summary for public release. The ESAP and SEP will be agreed with the Company prior to Board approval of the project. The PSD will be updated upon the completion of the due diligence.
Mr. Mohamed Ezzat
Group Treasury Manager – Savola Foods Egypt
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