World Bank’s IFC invests $20mn in Egypt’s food provider Edita

The World Bank’s International Finance Corporation (IFC) said on Tuesday it has secured a financial package worth 331.638 million Egyptian pounds ($20 million) in favour of Egypt’s snack food maker Edita.

The International Finance Corporation (IFC) announced on Tuesday securing a $20 million financial package (331.638 million Egyptian pounds) for Egypt’s snack food maker Edita.

The cash will support Edita’s operations in Egypt and its expansions in North Africa, as part of a plan to create new job opportunities, the World Bank’s investment arm added in a statement.

It will also finance Edita’s step to set up a factory in Morocco and launch new production lines in addition to its acquisition plans in the food industries sector, IFC added.

During the first quarter of the current year, Edita’s profits increased 87.8 percent year-on-year to 114.3 million pounds, according to its latest financial statements.

First-quarter revenues rose 10.8 percent y-o-y to 982.2 million pounds.