The Algerian "Madar Holding" invests one billion dollars to create a new sugar factory

The Algerian “Madar Holding” business has granted one billion dollars to invest in the establishment of a sugar production factory of beetroot with a production capacity of one million tonnes annually, following the inauguration of his first factory “Tafadis” for the sugar industry last week, according to President’s general manager, Sharaf Al -Din Amara. He explained in an interview with “Al -Sharq” that the new project will be laid in the state of Ouargla in weeks in weeks, and he expected it to take three years, adding that its production would be on export. Last week, the company launched the “Tafadis” Sugar Refining Factory with investments of approximately $ 250 million, with a daily production capacity of two thousand tons. Amara explained that production will be devoted to local consumption, with the possibility of exporting part of it to foreign markets. Sugar industry in Algeria, Algeria, has factories to produce sugar and refinement with a production capacity of 3.2 million tonnes annually, but it is completely incomplete due to a lack of crude. While the amount of internal consumption is 1.2 million tonnes per year, according to official data. According to the data announced by the Algerian government in 2022, the country imports about two million tonnes of unacceptable sugar annually, placing it on the list of most imported countries for this commodity in the world. Algeria has repeated and rough sugar imports on value -added tax by 9% topic from 2022, and the prime minister and finance minister at the time, Ayman bin Abdul Rahman, explained that the decision was made to a sound purpose on the one hand and to reduce the value of the import bill for this commodity, which weighs the state budget. The empowerment of the Private Sector “Madar Holding” is an investment arm of the Algerian government and works in various sectors ranging between agriculture, food industries, cars collection, financial services, security services and the entertainment sector, and the company plans to storm the insurance sector, according to Amara. Algeria is looking forward to raising private sector investments, reducing imports and raising the capabilities to utilize the wealth he owns, with the aim of entering the club of emerging countries within months, according to what Taboun said in a speech to lawmakers last January. Taboun added that its country is raising the percentage of the industry within the domestic product to between 13 and 14%to reach the target, amid an increase in investment projects amounting to 13700 projects worth 6 trillion dinars. According to the 2025 budget project, the Algerian GDP is expected to be 284 billion dollars, compared to $ 260 billion in 2024.