The European Bank for Reconstruction and Development (EBRD) supports Egypt’s agribusiness sector by approving a $20 million loan to Afia International Company in order to support the company’s purchase of raw materials.
The loan will provide approximately 15 percent of its total annual needs in order to support the company to diversify its financing sources, according to the EBRD’s statement.
EBRD will help Afia diversify and strengthen its local value chain by adding new local suppliers and improving quality and operating standards. Moreover, it will encourage the company to expand into new export markets. All of above will come in the frame of this new investment.
In addition, EBRD will help Afia to raise its inclusion standards by promoting a gender-sensitive internship program by increasing women’s access to employment and training.
Since 2012, the EBRD has invested 10.4 billion euros in 167 projects in Egypt, with nearly 57 percent of its portfolio in private sector projects, according to a bank statement.
EBRD has provided financing during the past year worth 737 million euros for the private sector to support SMEs, while the bank’s total investments in Egypt amounted to 1.3 billion euros in 2022.