Edita discloses $45mln loan from IFC

Edita Food Industries, one of Egypt’s largest food companies, has signed an agreement with the International Finance Corporation (IFC) to acquire a long-term loan worth $45 million, EGX announced on Sunday.

The facility deal holds a tenor of eight years as the company will use the loan to increase its working capital and its capital expenditure in Egypt and Morocco, the statement added.

This is in the company’s international expansion plans and the settlement of up to $10 million of the previously granted IFC loan.

It is worth mentioning that Edita has secured two loans in September for seven years worth 390 million Egyptian pounds to finance new investments.