By: Ahmed Allam 

Cairo – Mubasher: Edita Food Industries has received an approval to obtain additional finance worth $10 million (EGP 165.81 million) from the International Finance Corporation (IFC), the company’s chairman Hani Berzy told Mubasher.

The funding package aims to support Edita’s expansion plans in Egypt and Morocco and create jobs, Berzy added.

Earlier on Tuesday, IFC, the private sector investment arm of the World Bank, revealed the provision of a funding package worth $20 million (EGP 331.638 million) to Edita.

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

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