By Mostafa Salah
The Freedom and Justice Party (FJP) concluded an agreement with a number of investors from Turkey and Sweden to establish garbage recycling factories in Alexandria. The project costs are an estimated $50 million.
Member of FJP’s Supreme Council Saber Abou El-Fotouh said that prominent businessman Hassan Malek reached the agreement with the International Company for Development (ICD) to establish six recycling companies in the Alexandria governorate.
He explained that these factories would be established in Borg El-Arab, Amereya, Moharram Beik, and two factories in Al-Nozha, provided that these factories would be dedicated to the production of electricity and fertilisers.
The ICD will lease the recycling factories for 50 years, during which Alexandria will acquire an annual 25 percent of the factories’ net profit which would rise incrementally by 5 percent every year until it reaches 50 percent. The ICD has concluded the feasibility studies, and contracts will be signed once governors are appointed in co-ordination with the new governor of Alexandria.
Construction of the projects will commence by the beginning of next year, in co-operation with several businessmen from Sweden.
The FJP has also initiated negotiations with a number of businessmen in Sweden as well to establish garbage recycling factories in the governorates of Cairo and Qalyubeya.