Kenana Sugar Company has announced that it has recently signed an agreement with Beltone Financials in Egypt to establish a USD 1 billion private equity fund management company that will be the first in Sudan and the MENA region to focus on agro industry projects. The joint venture represents a breakthrough in Kenana's efforts to secure funds to finance the Grand Sugar Plan and is in line with Kenana's role in promoting high-potential agricultural initiatives of the National Agricultural Revival Program.
Kenana expects the new fund management entity to attract investors from state funds, investment banks, investment companies, venture capitalists and high-net worth individuals in the MENA region and Sudan. A joint technical team made up of representatives from Kenana and Beltone are working together to finalise the technical and legal arrangements prior to the formal launching of the Fund, which is expected to be held within the next few weeks.
"Kenana's partnership with Beltone Financials is an important step in our mission to increase the economic contributions of the agricultural sector. The fund opens new business opportunities and expands the agri-business into new horizons across the MENA region," said Mohamed El Mardi El Tegani, Managing Director, Kenana Sugar Company.
The establishment of the Fund signifies a major step in promoting and implementing ambitious agro-industrial projects, delivering a far-reaching positive impact on the agricultural sector and the economy in general. Kenana has accordingly been consolidating its resources, technical knowledge and expertise to ensure the success of the new venture.