Emirates NBD Egypt grants $28 mln to Farm Frites

Emirates NBD Egypt has granted  Farm Frites Egypt a short-term loan worth $28 million to open a new factory in 10th of Ramadan City.

The factory, spanning an area of 9,300 square metres, has a production capacity of 50,000 tonnes per year with total investments $40 million.

Farm Frites Egypt was established in 1988 as a joint venture between Farm Frites Holland, the third largest potato processing company in the world and Kuwait Food Company (Americana), according to the company website.

The new factory will increase the company’s total production to 150,000 tonnes per year.

The new loan agreement reflects NBD Egypt expansion policy after the acquisition of BNP Paribas Egypt in 2013, where the bank succeeded in doubling the size of the corporate loan portfolio with an average cumulative annual growth rate of 44 percent, according to Amr Azab, Head of Corporate Banking.