Evergreen Egypt United Expands into Caribbean with $40 Mn Investment in Ports and Fisheries

Evergreen Egypt United intends to implement investments in the infrastructure of ports and fish farming in Guyana in the Caribbean region, funded by African Export-Import 'Afrexim Bank' with a value of $ 40 mn.

As part of the partnership supported by the bank between investors in Africa and the Caribbean countries, 11 out of 15 member countries of the Caribbean Community signed the partnership with Afrexim Bank in July 2023.

Evergreen's CEO, Omar Moataz El Mokadem, stated that they will establish a seaport in Barbados to receive Egyptian products and distribute them to Caribbean countries. Afrexim Bank will finance this project with $20 mn.

Additionally, Evergreen plans to establish fish farming projects in both Guyana and Barbados, utilizing Egyptian expertise in this sector.

The bank has allocated $ 120 mn to support fish farming projects in Caribbean countries, and Evergreen aims to secure a significant portion of these funds to implement projects based on each country's needs. The cost of establishing Evergreen's fish farming project in Guyana is $20 mn.

The financing cost for the fish farming project in Zanzibar, which the company plans to establish, is $90 mn from Afrexim Bank, but studies are still ongoing. Evergreen is strongly focusing on investing in both Guyana and Barbados in collaboration with Afrexim Bank.

Moataz El Mokadem encourages Egyptian investors to enter the Caribbean region, produce goods and services there, and export them, emphasizing the strategic location for industrial investors due to nearby markets such as the United States and Latin America.

Additionally, products manufactured in the Caribbean region can benefit from customs exemptions in those countries.