Palestine fund aims to have first cement factory by 2022

The Palestinian Investment Fund is pushing ahead with plans for its first cement factory, through an agreement with a group of companies, Asharq reported citing Reuters.

Sanad Industrial company said that the $85 million plant will be built by the Jericho Cement Company, with annual production capacity of 1.1 million tons. That would cover about half of existing domestic demand for cement.

The plant is expected to be completed by 2022.

“The cement mill is one of the most important steps toward achieving self-sufficiency,” Muhammad Mustafa, head of the Palestinian Investment Fund said.

Palestine currently imports cement from Jordan, Israel and other countries across the region.

Palestine’s economy contracted by 12 percent in 2020 and the International Monetary Fund expects it to grow by 8 percent in 2021. The population reached 5.1 million in 2020.