Cairo, Egypt, July 9, 2019 —IFC, a member of the World Bank Group, is providing a financing package of up to $20 million to leading Egyptian snack food manufacturer Edita Food Industries, to help boost its operations, support cross-border investment, and create much-needed new jobs.
The financing will help Edita establish a new production facility in Morocco through a joint venture with a Moroccan partner, expand in Egypt by introducing new product lines, and potentially acquire new companies in the sector.
IFC and Edita finalized the partnership today during a ceremony in Cairo. Sahar Nasr, Egypt’s Minister of Investment and International Cooperation, attended the event. “We welcome this investment by IFC in Egypt’s crucial agribusiness sector, which supports the government’s efforts to encourage private sector growth and help create job opportunities for Egyptians across the country,” said Nasr.
The investment is expected to help Edita create up 400 new direct and indirect jobs annually, totaling 2000 during the duration of the loan.
“This investment supports Edita’s next investment cycle and growth phase, and regional expansion, and will help generate sources of foreign currency revenue streams for the company,” said Hani Berzi, Edita Chairman and Managing Director. “That will help us meet the region’s growing demand for safe, ready-to-eat food.”
The investment is part of IFC’s strategy in Egypt to support job creation—Egypt’s unemployment rate remains high at about 10 percent—and boost inclusive private sector growth. It is also part of IFC’s broader strategy to support South-South investment by helping local companies expand in the region.
“Food processing is an important part of Egypt’s economy,” said Walid Labadi, IFC Country Manager in Egypt, Libya, and Yemen. “Companies like Edita are testament to the sector’s potential to create jobs in areas where economic opportunities are very much needed.”
About IFC
IFC—a sister organization of the World Bank and member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work with more than 2,000 businesses worldwide, using our capital, expertise, and influence to create markets and opportunities in the toughest areas of the world. In fiscal year 2018, we delivered more than $23 billion in long-term financing for developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity. For more information, visit www.ifc.org
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