EBRD to provide $20mln loan to Afia Egypt

PHOTO

The European Bank for Reconstruction and Development (EBRD) is providing a $20 million senior unsecured working capital loan to Afia International Egypt, the international financial institutions announced on December 6th.

The loan, which is still pending final review, will be directed to finance Afia’s working capital needs and help it import its main production input and edible oils from international markets.

This will build on the company’s resilience to the current and potential shocks from the external environment with persisting food security threats in the Southern and Eastern Mediterranean (SEMED) region amid shortage in foreign currency in Egypt due to the Russian-Ukrainian war.

Established in 1992, Afia Egypt is one of Egypt’s two pioneering companies in the edible oil and ghee market and is fully owned by Savola Foods Company.