{"id":592223,"date":"2023-08-02T00:00:00","date_gmt":"2023-08-02T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/08\/02\/edita-al-baraka-bank-in-line-for-loans-from-ifc\/"},"modified":"2023-08-02T00:00:00","modified_gmt":"2023-08-02T00:00:00","slug":"edita-al-baraka-bank-in-line-for-loans-from-ifc","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/08\/02\/edita-al-baraka-bank-in-line-for-loans-from-ifc\/","title":{"rendered":"Edita + Al Baraka Bank in line for loans from IFC"},"content":{"rendered":"

IFC could provide financial support to more Egyptian companies: <\/strong>The International Finance Corporation (IFC) is considering extending loans to Al Baraka Bank<\/a> and Edita<\/a>, according to the lender\u2019s website. <\/p>\n

#1- <\/strong>Al Baraka Bank could get a USD 55 mn IFC loan: <\/strong>The International Finance Corporation (IFC) is considering loaning USD 55 mn to Al Baraka Bank Egypt for on-lending to local and women-owned micro, small and medium size enterprises. The IFC\u2019s board was expected to take a decision on the loan on Monday but a source at Al Baraka told us yesterday that it is still being discussed between the two sides. <\/p>\n

The breakdown:<\/strong> The financing package includes a one-year USD 50 mn loan which can be renewed for two additional years, and a USD 5 mn loan under the IFC\u2019s Trade Finance Facility. <\/p>\n

#2-<\/strong>Edita could borrow USD 30 mn:<\/strong> The IFC could lend up to USD 30 mn to EGX-listed snackmaker Edita Food Industries to support its working capital and fund fresh capex. The board is set to meet on 31 August to discuss the loan. <\/p>\n

The breakdown:<\/strong>The USD 30 mn loan would mobilize up to USD 15 mn to Edita Food Industries, Edita Participation Cyprus and Edita Trade and Distribution to support the groups capex requirements in Egypt and Morocco, working capital requirements and potential expansion in Africa and the Middle East regions, according to the IFC. <\/p>\n

Remember:<\/strong> Edita previously said that it wants to more than double its capex<\/a> this year, with plans to invest EGP 800 mn up from EGP 353.6 mn in 2022. <\/p>\n

A job-maker: <\/strong>The IFC\u2019s facility to Edita is expected to support over 7k jobs in Egypt and create 400 new positions in Edita\u2019s production and supply chain, the lender said. The loan will also help the company withstand the impact of the ongoing FX shortage and inflation. <\/p>\n

Remember: The IFC has been busy in Egypt recently<\/strong>, last month lending CIB USD 250 mn<\/a> to support its working capital and finance green projects and agreeing a USD 50 mn sharia-compliant facility<\/a> with Abu Dhabi Islamic Bank Egypt. <\/p>\n","protected":false},"excerpt":{"rendered":"

The international lender could lend USD 85 mn to the two companies, and mobilize an additional USD 15 mn for Edita<\/p>\n","protected":false},"author":1,"featured_media":592224,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7274],"tags":[1156,204,88,191,72,564,759],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-592223","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-debt-watch","tag-al-baraka-bank","tag-banking","tag-debt-watch","tag-edita","tag-enterpriseam","tag-food","tag-international-finance-corporation","wpautop","entry"],"acf":{"mongo_id":"eb9357dc-d1cb-45db-a795-2d3b9f18999a","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/8\/34.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Edita + Al Baraka Bank in line for loans from IFC","related_issue":[592212],"teaser":"The international lender could lend USD 85 mn to the two companies, and mobilize an additional USD 15 mn for Edita","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/8\/.ab88e171-4e18-4a3e-9de0-31acdb21ea4d.mp3"},"yoast_head":"\nEdita + Al Baraka Bank in line for loans from IFC - 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Under the agreement, the snackmaker will receive a seven-year, medium-term facility, \u201cwith the contract including an option for a second tranche of an additional USD 10 mn.\u201d Edita and\u2026","rel":"","context":"In "Banking + Finance"","block_context":{"text":"Banking + Finance","link":"https:\/\/enterpriseam.com\/egypt\/category\/banking-finance\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":611322,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/12\/05\/ifc-backs-sme-on-lending-with-usd-50-mn-shariah-compliant-facility-to-al-baraka-bank-plus-news-from-visa-valu-and-partment\/","url_meta":{"origin":592223,"position":1},"title":"IFC backs SME on-lending with USD 50 mn shariah-compliant facility to Al Baraka Bank. 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The funds will be used to finance thousands of small businesses operating across multiple\u2026","rel":"","context":"In \"Al Baraka Bank\"","block_context":{"text":"Al Baraka Bank","link":"https:\/\/enterpriseam.com\/egypt\/tag\/al-baraka-bank\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/12\/273.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":602390,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/03\/26\/edita-in-talks-with-ifc-over-usd-35-mn-loan\/","url_meta":{"origin":592223,"position":2},"title":"Edita in talks with IFC over USD 35 mn loan","author":"enterpriseam admin","date":"26 March 2019","format":false,"excerpt":"Snack maker Edita Food Industries is currently in talks with the International Finance Corporation (IFC) over a loan of up to USD 35 mn to finance the company\u2019s operations and expansions in Morocco, and refinance part of its debt, Edita said in a bourse filing (pdf).","rel":"","context":"In "Banking + Finance"","block_context":{"text":"Banking + Finance","link":"https:\/\/enterpriseam.com\/egypt\/category\/banking-finance\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":607342,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/10\/02\/snackmaker-edita-lands-usd-45-mn-loan-from-the-ifc-to-fuel-growth\/","url_meta":{"origin":592223,"position":3},"title":"Snackmaker Edita lands USD 45 mn loan from the IFC to fuel growth","author":"enterpriseam admin","date":"2 October 2023","format":false,"excerpt":"The loan will support the company\u2019s working capital, fund fresh capex, and help it settle a previous loan from the IFC","rel":"","context":"In "Investment Watch"","block_context":{"text":"Investment Watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/investment-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/10\/37.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":598746,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/06\/03\/edita-signs-usd-30-mn-loan-facility-agreement-with-the-ifc\/","url_meta":{"origin":592223,"position":4},"title":"Edita signs USD 30 mn loan facility agreement with the IFC","author":"enterpriseam admin","date":"3 June 2019","format":false,"excerpt":"INVESTMENT WATCH- Edita lands loan worth up to USD 30 mn from IFC: Edita has signed an agreement with the International Finance Corporation (IFC) for a seven-year facility that could be worth up to USD 30 mn, according to a statement (pdf). The company will initially receive USD 20 mn\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":591592,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/12\/10\/al-baraka-bank-egypt-looks-to-acquire-usd-400-mn-loan-from-foreign-lenders\/","url_meta":{"origin":592223,"position":5},"title":"Al Baraka Bank Egypt looks to acquire USD 400 mn loan from foreign lenders","author":"enterpriseam admin","date":"10 December 2019","format":false,"excerpt":"Al Baraka Bank is in talks with foreign lenders for a USD 400 mn loan, CEO Ashraf El Ghamrawy tells Al Mal. The bank is negotiating with the Islamic Development Bank, World Bank, and the European Bank for Reconstruction and Development, and expects to acquire the funds next year.","rel":"","context":"In "Banking + Finance"","block_context":{"text":"Banking + Finance","link":"https:\/\/enterpriseam.com\/egypt\/category\/banking-finance\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/592223","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=592223"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/592223\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/592212"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/592224"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=592223"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=592223"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=592223"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=592223"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=592223"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}