EBRD, EU extend EUR 7.3 mn financing package to Farm Fresh

The European Bank for Reconstruction & Development (EBRD) and the EU have extended a EUR 7.3 mn financing package to frozen vegetables exporter Farm Fresh to build a new factory in Alexandria, the EBRD said in a statement. The bank will provide a EUR 2.1 mn loan and Ahli Bank of Kuwait will lend EUR 2 mn. The EU, meanwhile, will provide a EUR 300k investment grant in addition to a EUR 2.9 mn equity contribution from existing shareholders. The financing package will allow the company to triple its production, most of which is exported to the EU and the US.