{"id":607342,"date":"2023-10-02T00:00:00","date_gmt":"2023-10-02T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/10\/02\/snackmaker-edita-lands-usd-45-mn-loan-from-the-ifc-to-fuel-growth\/"},"modified":"2023-10-02T00:00:00","modified_gmt":"2023-10-02T00:00:00","slug":"snackmaker-edita-lands-usd-45-mn-loan-from-the-ifc-to-fuel-growth","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/10\/02\/snackmaker-edita-lands-usd-45-mn-loan-from-the-ifc-to-fuel-growth\/","title":{"rendered":"Snackmaker Edita lands USD 45 mn loan from the IFC to fuel growth"},"content":{"rendered":"

Off the TODO list: <\/strong> The International Finance Corporation (IFC) has signed off on a USD 45 mn loan to EGX-listed baked goods producer Edita Food Industries to finance growth at home and regionally. Edita will use the proceeds to support working capital, fund expansion, and finance debt repayments, it said in a press release (pdf)<\/a> yesterday. The facility will have a tenor of eight years with a two-year grace period, Edita said, without disclosing the rate of interest.<\/p>\n

This isn\u2019t the first time Edita and the IFC have hooked up: <\/strong>The international lender lent the baked goods producer USD 20 mn<\/a> in 2019, helping propel Edita into Morocco two years later. Half of this will be refinanced by the new loan, Edita said in an EGX disclosure (pdf)<\/a> yesterday.<\/p>\n

Where\u2019s the growth going to come from? <\/strong>Edita noted that the funding will \u201callow the company to capitalize on emerging opportunities in new markets\u201d while growing at home both organically and through acquisition.<\/p>\n

Edita is borrowing to grow: <\/strong> The new loan will be used in part to fund fresh capex, which the company wants to more than double to EGP 800 mn<\/a> this year. Those spending plans don\u2019t include the EGP 400 mn it plans to inject into Edita Frozen Food Industries \u2014 previously Fancy Foods \u2014 which it acquired in May<\/a>. The transaction is being partly funded by loans worth<\/a> EGP 390 mn<\/a> from the National Bank of Kuwait.<\/p>\n

FX + jobs: <\/strong> The funding from the IMF will \u201cbuild Edita\u2019s capacity to withstand shocks and stresses from forex shortage and inflation\u201d and support jobs, according to a disclosure<\/a> on the IFC\u2019s website. The lender said the finance will protect more than 7k jobs in Egypt and allow the creation of 400 new jobs.<\/p>\n

The Edita loan comes less than a week after the lender agreed to lend <\/strong>USD 25 mn<\/a><\/strong> to Kandil Steel <\/strong> to \u201csupport the company\u2019s operational and financial resilience\u201d amid the FX crunch and soaring input costs.<\/p>\n","protected":false},"excerpt":{"rendered":"

The loan will support the company\u2019s working capital, fund fresh capex, and help it settle a previous loan from the IFC<\/p>\n","protected":false},"author":1,"featured_media":607343,"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":[7272],"tags":[88,101,191,72,564,759,125,131],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-607342","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment-watch","tag-debt-watch","tag-development-finance","tag-edita","tag-enterpriseam","tag-food","tag-international-finance-corporation","tag-investment-watch","tag-manufacturing","wpautop","entry"],"acf":{"mongo_id":"1c3d0de7-a921-4457-92c9-19709e90c105","order":"0","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/10\/37.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Snackmaker Edita lands USD 45 mn loan from the International Finance Corporation","related_issue":[607335],"teaser":"The loan will support the company\u2019s working capital, fund fresh capex, and help it settle a previous loan from the IFC","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/10\/.ff32291b-d1cd-44eb-8926-8bad09ca654c.mp3"},"yoast_head":"\nSnackmaker Edita lands USD 45 mn loan from the IFC to fuel growth - 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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":598746,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/06\/03\/edita-signs-usd-30-mn-loan-facility-agreement-with-the-ifc\/","url_meta":{"origin":607342,"position":2},"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":602390,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/03\/26\/edita-in-talks-with-ifc-over-usd-35-mn-loan\/","url_meta":{"origin":607342,"position":3},"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":606621,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/09\/19\/edita-turns-to-nbk-to-finance-fancy-foods-acquisition\/","url_meta":{"origin":607342,"position":4},"title":"Edita turns to NBK to finance Fancy Foods acquisition","author":"enterpriseam admin","date":"19 September 2023","format":false,"excerpt":"The amount will be used to refinance the acquisition of Edita Frozen Food Industries and fund its expansion.","rel":"","context":"In "DEBT WATCH"","block_context":{"text":"DEBT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/debt-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/9\/1171.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":597057,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/15\/edita-to-launch-new-products-construction-on-morocco-facility-to-begin-next-month\/","url_meta":{"origin":607342,"position":5},"title":"Edita to launch new products, construction on Morocco facility to begin next month","author":"enterpriseam admin","date":"15 July 2019","format":false,"excerpt":"Edita Food Industries aims to launch a number of new products as part of expansion plans, Chairman Hani Berzi said, without providing further details or specifying a timeframe. The company also plans to begin the construction of its snack food production facility in Morocco in August, rather than in July\u2026","rel":"","context":"In "Manufacturing"","block_context":{"text":"Manufacturing","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/manufacturing\/"},"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\/607342","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=607342"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/607342\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/607335"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/607343"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=607342"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=607342"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=607342"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=607342"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=607342"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}