CIB Approves EGP100 mln Loan To Juhayna On Its Assiut Factory

Juhayna Food Industries (JUFO.CA) has reached an agreement with the Commercial International Bank (CIB) to take EGP 100 million loan so that it can complete the first phase of its new venture in Assiut. The new venture is for dairy products and it is supposed to be inaugurated in May 2013.

Eng. Safwan Sabet, Head of Juhayna Food Industries (JUFO.CA), stated that he reached a deal with the CIB on borrowing 50% of the total value of the venture, which its total cost reaches EGP 200 million. Meanwhile, the company will ratify EGP 100 million of its budget to the venture.

In his statements to “Amwal Al Ghad”, Sabet said Assuit factory is one of the biggest dairy factories in Upper Egypt due to its productive energy targeted during the first phase to reach 80.000 tons annual, and then expanding in new phases.

Furthermore, Sabet elaborated that 40% of the company’s current investments volume is allocated for Upper Egypt, by kicking off new investments in Qena, Aswan, Luxor and Al Menyia. These investments will be finished during the first quarter of 2014.