Italy to invest over €4 million in Egypt’s tomato project

The Italian Development Cooperation disclosed plans to contribute over €4.55 million to two United Nations Industrial Development Organization (UNIDO) projects in Egypt and Iraq. The announcement was made at the UNIDO headquarters during a signing ceremony to launch the projects.

The project in Egypt is focused on the tomato market with the aim of enhancing the link between supply and processing factories, improving the quality of tomato production and processing as well as strengthening the technical skills of workers and managers in the factories.

Egypt produces about 8 million tonnes of fresh tomatoes per year, making it the world’s fifth-largest producer. This can be attributed to the country’s suitable climate, dual seasonality, and fertile lands.
But only three to four percent of the tomato crop is processed, and the processing sector suffers from a lack of integration with the supply chain. With the help of this investment, Egypt will be able to make better use of their processing factories, while tapping into various markets.

The project also has the potential for job creation. Part of the objectives is to improve existing marketing strategies in order to tap into new markets and create job opportunities, while training youths on value-added capabilities and technical know-how, in order to be employable.

The unemployment rate in Egypt decreased to 7.8 percent in the third quarter of 2019, compared to 10 percent in the same period a year earlier and 7.5 percent in the previous quarter. With this new initiative, the rate can further decrease as it will be creating more job opportunities for people.

“Italy has always been an effective advocate of UNIDO and of the 2030 Agenda for Sustainable Development. We share a common vision to promote inclusive and sustainable industrial development to tackle inequalities at all levels,” said Li Yong, UNIDO Director-General, while expressing his appreciation of Italy’s important financial and political support.

The project will be implemented with the Egyptian Ministry of Trade and Industry, the Ministry of Agriculture and Land Reclamation, as well as the local private sector, which will be the initiative’s primary beneficiary.

Source: Ventures Africa

Publication date:

Receive the daily newsletter in your email for free | Click here

Other news in this sector:

© 2020

Sign up for our daily Newsletter and stay up to date with all the latest news!

Subscribe I am already a subscriber