By: Ahmed Allam

Cairo – Mubasher: The International Finance Corporation (IFC), the private sector investment arm of the World Bank, announced the provision of a funding package worth $20 million (EGP 331.638 million) to Edita Food Industries.

The funding package aims to support Edita’s expansion plans in North Africa and create jobs, IFC said.

Edita will use the package to finance the establishment of a new plant in Morocco in a joint venture with a Moroccan partner.

In addition, the loan will also be used to support local expansion through launching new production lines and acquiring new companies in the food industries sector.

During the first quarter of 2019, the Cairo-based food company’s profit hiked by 87.8% year-on-year to EGP 114.3 million.

Revenues rose by 10.8% year-on-year to EGP 982.2 million in Q1-19.

Translated by: Zeinab Adel