Cairo – Mubasher: Edita Food Industries announced signing a medium-term loan agreement with the International Finance Corporation (IFC).
Under the deal, the Egyptian food producer will receive a loan worth $20 million as a first tranche from the IFC, according to a statement to the Egyptian Exchange (EGX) on Sunday.
The seven-year finance may be increased by an additional $10 million, the statement added.
The loan will be used to finance the company’s capital expenditures in Egypt as well as its expansion plan in Morocco and other countries.
During the first quarter of 2019, the Cairo-based food company logged a net profit of EGP 114.3 million.
