The International Finance Corporation (IFC), a member of the World Bank Group (WBG), has signed an investment agreement worth $30m with Edita Food Industries, Egypt’s healthy snack foods market, to strengthen its operations, support cross-border investment, and create jobs.
The financing will help Edita expand locally in Egypt by launching new production lines and supporting potential acquisitions of new companies in the sector. The investment is expected to help create up to 2,000 new jobs in Egypt and support the development of the food processing sector in the country, according to ministry of investment and international cooperation.
The Minister of Investment and International Cooperation, Sahar Nassar, said, “The Edita company is the first company that will benefit from the amendments of the Investment Law as it expands its investments during the coming period. This amendment will lead to an increase in the volume of foreign direct investment during the coming period with the current companies to expand their investments.”
The minister said that they are keen on international institutions to support private sector investments because of its role in contributing to the expansion of companies, including Edita, which exports about EGP 300m and will contribute to this new expansion of the company’s exports outside Egypt.
“This investment will support the company’s plan to expand its business and potential acquisitions in the food and beverage sector, which will help Edita meet growing demand for safe and healthy food in the region,” said Hani Berzi, chairperson and CEO of Edita
He added that this agreement will contribute to a shift in the company’s business, pointing out that the government’s economic reform programme has doubled the growth and export opportunities of Edita.