Raya Holding is partnering with Italy’s UVCC to establish a USD 70 mn food production facility in Uganda, Raya CFO Hossam Hussein tells Al Mal. The two companies will form a new joint venture, to which Raya will contribute 24% of the capital — USD 24 mn — of which USD 6 mn will come from its own resources, while the rest will be funded through an Africa Development Bank loan, Hussein said. Raya had announced last month it was looking to acquire a minority stake of no more than 25% in the project.

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