UK development bank European Bank for Reconstruction and Development (EBRD) has granted a $20 million loan to Afia International Co, a food and oil products company headquartered in Egypt, to support its raw material purchases. This loan will cover approximately 15 percent of Afia's annual raw material needs, allowing the company to diversify its financing sources. The EBRD's support will also help Afia strengthen its local value chain by incorporating new local suppliers, enhancing quality, and operational standards, ultimately enabling the company to expand into new export markets. Additionally, the EBRD will promote gender-sensitive internship programs to improve women's access to employment and training within Afia.
EBRD's investment in Egypt has totaled $11.1 billion across one hundred sixty-seven projects since 2012, with a significant portion dedicated to private sector projects. In the past year, the EBRD has provided $787.7 million in financing to support small and medium enterprises in Egypt, contributing to its total investments of $1.4 billion in the country in 2022. This initiative underscores EBRD's commitment to bolstering Egypt's agribusiness sector and fostering economic growth in the region.