Finance

Edita Food Industries seeks $20 mln IFC loan to fund expansion in Morocco

Thursday, 11 July 2019 16:43
Edita Food Industries seeks $20 mln IFC loan to fund expansion in Morocco

(Ecofin Agency) - Edita Food Industries, an Egypt-based agribusiness that operates in the packaged snack food market, says it is seeking $20 million from the International Finance Corporation (IFC) to set a new factory in Morocco.
The company wants to partner with a Moroccan company through a joint-venture to distribute its products in the country, in the coming years. With its 5 production sites in Egypt, Edita plans to develop new food product lines in the midterm and engage in merger and acquisition operations.
“This investment supports Edita's next investment cycle and growth phase, as well as the regional expansion of our company. It will help to generate income and meet the growing demand for food in the region,” said MD Hani Berzi (photo).
This line of credit is the second from IFC granted the company in a month. In early June 2019, the Egyptian firm signed a $20 million loan agreement with the institution to support its capital expenditures.
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