Riyadh – Mubasher: The International Finance Corporation (IFC) secured $150 million Islamic finance to Saudi Arabia-based Almarai to boost its investments in Egypt.
The IFC, the World Bank’s private sector investment arm, provides advisory services for Egypt-based joint venture (JV) Beyti to improve water and power consumption efficiency.
Almarai, the Gulf's largest dairy company, owns a 52% stake in Beyti.
Almarai seeks to boost its business portfolio in the Arab world's most populous country, in addition to bolstering food safety standards, said Almarai CEO Georges Schorderet.
