Algeria
Egypt
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TunisiaEBRD supports Egypt’s agribusiness sector
The European Bank for Reconstruction and Development (EBRD) is supporting Egypt’s efforts to attract much-needed foreign direct investment (FDI) to the agribusiness sector with a US$ 40 million loan to Angel Yeast Egypt, a global yeast and yeast extract manufacturer.
The EBRD financing will enable Angel Yeast Egypt to increase its production of yeast, most of which is exported. The company is already working with local suppliers of molasses, a by-product of the sugar industry, and will increase its purchases of local raw materials.
In addition to financing the construction of a new storage facility, the EBRD loan will support the diversification and enhancement of the company’s value chain by adding new private-sector suppliers and improving its quality and operating standards. It will also promote an environmental value chain by processing 81,000 tonnes per year of excess sugar beet and cane molasses into high-value food products (yeast and yeast extract), as well as organic fertilisers.
The Bank is further strengthening the company’s competitiveness by sharing knowledge and enhancing the skills of its labour force with an extensive training programme for recent graduates, who will be hired in the city of Beni Suef in Upper Egypt, an area with high levels of poverty and a limited skilled population.
Countries covered:
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Egypt
