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Edita Food Industries S.A.E. (EFID.CA on the Egyptian Exchange & EFID.L on the London Stock Exchange), a leader in the Egyptian packaged snack food market, is pleased to announce it has secured a USD 45 million loan from the International Finance Corporation (IFC), which has an eight-year tenor (including a two-year grace period).
Edita will use the facility to support its ambitious growth and expansion plans. A total of USD 10 million of the loan will refinance existing debt.
Edita has a well-defined growth strategy that sees company continue to grow in Egypt as it simultaneously delivers on its promise of regional expansion, starting with its entry to Morocco in 2021. The IFC funding will provide Edita with flexibility as it pursues its regional growth strategy, allowing the company to capitalize on emerging opportunities in new markets.
Edita is also growing in its home market both organically and inorganically, expanding its presence across its existing segments while introducing new categories through acquisition. Earlier this year, the company entered the frozen bakery segment through the acquisition of 100% of a company that has since been integrated and rebranded as “Edita Frozen Food Industries.” The strategy will see Edita continue to diversify its revenue stream while catering to a wider consumer base.
Hani Berzi, Chairman of Edita Food Industries, commented, “We are pleased to have secured this loan from the IFC. The facility strengthens Edita’s financial capacity, will help drive revenue diversification, and facilitate our continued commitment to strategic growth and market expansion. We are grateful for the support of the IFC and look forward to realizing the full potential of this opportunity.”
The partnership with IFC builds on a longstanding relationship that saw the World Bank Group member provide in 2019 some USD 20 million in financing that supported Edita’s growth journey.