Edita Food Industries on Sunday has said it is currently negotiating with International Finance Corporation (IFC) to secure $35 million loan over the coming period.
This facility will be allocated for financing the firm’s business in Egypt, expansion plans in Morocco and other nations, and refinancing some of the current debts, according to a statement to the Egyptian Exchange (EGX).
In case that Edita secures the loan, it will be repaid on five years.
Earlier in March, the Egyptian confectioner revealed plans to inject around EGP 450 million investments in its potential expansions during the current year.
During February, Edita reported a 38.6% year-on-year rise in consolidated profits during the full-year 2018, logging EGP 336.8 million, compared to EGP 243.04 million in 2017.