Riyadh –  The European Bank for Reconstruction and Development (EBRD) has announced that it will provide a $100 million loan to food and beverages producer Almarai Company for new investments in Egypt and Jordan, according to a statement released on Wednesday.

The Tadawul-listed company operates in Egypt and Jordan through its respective subsidiaries Beyti and Teeba.

In Egypt, the finance will help Beyti fund additional dairy and juice production capacity to address the increasing demand for its products, and associated growing working capital needs.

“This transaction marks another step in the expanded cooperation across common economies of operations. We are looking forward to continuing our strategic partnership with Almarai,” head of agribusiness for the southern and eastern Mediterranean at the EBRD, Tarek El Sherbini, commented.

Moreover, EBRD’s loan will enable Almarai’s Jordanian unit Teeba to strengthen its capital base and provide fresh funding to support the company’s permanent working capital needs.

Since the beginning of its investments in Egypt and Jordan after 2012, EBRD has invested over EUR 7.6 billion in more than 165 projects in the two Arab countries.

It is worth noting that Almarai reported a 9.95% decline in net profits after zakat and tax last year to a total of SAR 1.811 billion in 2019, compared with SAR 2.012 billion in 2018.

Source: Mubasher

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