Edita commemorates in ceremony the finalization of a USD 20 million loan agreement with the International Finance Corporation
The agreement, commemorated today in a ceremony attended by Edita, IFC and government officials, supports the company’s expansion and growth opportunities in Egypt and the wider region.
Edita Food Industries S.A.E. (EFID.CA on the Egyptian Exchange and EFIFq.L on the London Stock Exchange), a leader in the Egyptian packaged snack food market, commemorated today the finalization of a USD 20 million in financing with the International Finance Corporation (IFC) to support the company’s growth plans. The signing ceremony was attended by Edita’s Chairman and Managing Director Hani Berzi, Minister of Investment and International Cooperation Dr. Sahar Nasr, and representatives from the IFC. The USD 20 million represents the first tranche of the loan, with the contract including an option for a second tranche of an additional USD 10 million.
The seven-year, medium-term facility may be used to finance the group’s capital expenditure plan as well as growth opportunities in Egypt and across Edita’s growing regional footprint.
Commenting on facility, Berzi says: “We are proud to be joining hands with the IFC. Its financing is not just cost effective, but an endorsement of our robust corporate and industry fundamentals, coming as it does at the end of a nearly yearlong due-diligence process. We are actively exploring expansion opportunities both in Egypt and in our exciting expansion markets. Our goal in the medium term is clear: To solidify our dominant domestic position while growing into a regional snack food player.
“Finalizing this facility agreement and building a solid, long-term relationship with international organizations such as the IFC is a catalyst for the next phase in our growth story and opens up opportunities. This loan supports Edita’s next investment cycle and growing capacity, next growth phase, regional expansion, and in turn will generate sources of foreign currency revenue streams for the company,” concludes Berzi.