This agreement will help the company to expand in Egypt through the launch of new product lines.. creating 2000 jobs and supporting the development of the food industry in the country.
Dr. Sahar Nasr: This investment comes within the government's efforts to encourage private sector growth as well as it contributes to creating jobs.
IFC Director in Egypt: This investment is part of IFC's wider strategy to support investments among developing countries by helping local companies to expand in the region.
Chairman of Edita: This investment will support the company's expansion plan which will help us meet the growing demand for safe and healthy food in the region.
Today, 8 July 2019, the Minister of Investment and International Cooperation Dr. Sahar Nasr witnessed the signing of an investment agreement by $ 30 million between the International Finance Corporation (IFC), a member of the World Bank Group (WBG), and "Edita for Food Industries", a leading company in light food industry, to enhance its operations, support cross-border investment activities and create jobs.
The agreement has been signed by Director of IFC's office in Egypt Mr. Waleed Labadi and Chairman of "Edita for Food Industries" Mr. Hani Barzi, in the presence of Senior Advisor to the Minister of Investment and International Cooperation Dr. Shehab Marzban.
This financing will help "Edita" to expand locally in Egypt by launching new product lines and supporting potential acquisitions of new companies in the sector. The investment is expected to create about 2,000 new jobs in Egypt and support the development of the food industry sector.
Dr. Sahar Nasr said: "We welcome this investment by IFC in the agribusiness sector, which plays a vital role in Egypt. This investment came to support government's efforts in encouraging private sector growth in addition to creating jobs for Egyptians across the country."
The Minister also added that this company will be the first one to benefit from the amendments to the investment law; whereas it expands its investments during the coming period, pointing out that this amendment will lead to an increase in FDI stock during the coming period as current companies will expand their investments.
The minister said that the Ministry is keen to encourage international institutions to support private sector investments because of its role in contributing to companies' expansion including Edita, whose exports reached about 300 million Egyptian Pounds, which consequently will lead to the expansion of company's exports outside Egypt.
IFC director in Egypt, Libya and Yemen Mr. Waleed Labadi said: "food industry sector is an important part of the Egyptian economy, and private sector companies such as Edita are a strong indicator of the sector's potential to create jobs in areas such as Upper Egypt where economic opportunities are most needed."
Mr. Waleed Labadi admitted that IFC is committed to Egypt's economic reform program, as today's agreement will contribute to achieving the program's objectives which are supporting growth, employment, and increasing exports.
He explained that this investment comes within the framework of IFC's strategy in Egypt to support job creation in an effort to reduce the unemployment rate, as well as to promote the overall growth of the private sector, especially in Upper Egypt where Edita operates. In addition, it represents IFC's wider strategy to support investments among developing countries by helping local companies expand in the region.
Chairman of Edita Mr. Hani Barzi said: "This investment will support company's plan to expand its business and potential acquisitions in the food and beverage sector, which will help us meet the growing demand for safe and healthy food in the region".
He added that this agreement will contribute to a shift in the company's business. He pointed out that the economic reform program prepared by the government has doubled the company's growth and export opportunities. In addition, this agreement is in line with the company's strategy, adding to its production capacity and increasing product lines.
