European Bank for Reconstruction and Development to boost Egyptian and Jordanian dairy sectors
February 20, 2020
The European Bank for Reconstruction and Development (EBRD) is lending up to US$ 100 million to food and beverages producer Almarai for new investments in Egypt and Jordan.
The Saudi company operates in Egypt and Jordan through its respective subsidiaries Beyti and Teeba. In Egypt, the loan will allow Beyti to fund additional dairy and juice production capacity to address increasing demand for its products, and associated growing working capital needs. In Jordan, the proceeds will enable Teeba to strengthen its capital base and provide fresh funding to support Teeba’s permanent working capital needs.
In addition, a diagnostic study of milk producers, processors and intermediaries in Jordan will highlight best practices and potential improvements in the raw milk supply chain in the country. The study, funded by the European Union, will aim to identify bottlenecks in the sector and develop recommendations.
As well as boosting further integration and efficiency in the Egyptian and Jordanian dairy and juice sectors, the loan aims to facilitate further foreign direct investments in the Egyptian and Jordanian agribusiness value chains.