EBRD to loan Afia USD 20 mn for imports: Savola Group’s edible oil company Afia Egypt will receive a USD 20 mn loan from the European Bank for Reconstruction and Development (EBRD) to help it pay for raw material imports, according to the lender’s website. The news comes against the backdrop of an FX crunch at home and increased food insecurity globally thanks to the knock-on effects of Russia’s war in Ukraine. The loan has been under consideration since December.

What they said: The loan “will support the company’s working capital requirements and the purchase of raw materials, including bulk crude vegetable oil. It will also help the company diversify its financing sources by providing approximately 15% of what it needs annually,” the statement reads. Through the loan the EBRD will help Afia “diversify and enhance its local value chain by adding new local suppliers and improving its quality and operating standards, which will help it expand into new export markets.”

PLUS- Better governance: The EBRD will also help Afia set up a “gender-sensitive” internship program that will increase women’s access to employment and training.

We’ve seen a ton of EBRD money lately: The lender is expected to approve a USD 125 mn loan in October to finance Damietta Port’s second container terminal, and is investing EGP 927 mn in water and power infrastructure in our new cities. It’s also in the process of granting a USD 400 mn loan to the National Bank of Egypt and USD 100 mn to Banque Misr.

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