Cairo – Mubasher: Edita Food Industries announced that its subsidiary Edita Food Industries Morocco inked a grant agreement with the Moroccan government.

Under the deal, the company will receive MAD 15 million ($1.56 million) as part of the Moroccan government’s initiative to attract direct foreign investments and boost long-term economic growth, the Egyptian food company said in a statement to the Egyptian Exchange (EGX) on Sunday.

Established in 2018 as a joint venture with Dislog Food, Edita Food Industries Morocco previously signed a lease agreement for a land plot spanning over 13,000 square metres to build a new plant in Morocco.

During the first half of 2019, the EGX-listed firm logged a net profit of EGP 167.8 million, compared to EGP 102.7 million in H1-18, including minority shareholders’ rights.