Back to the complete issue
Monday, 19 December 2022

EBRD lends USD 40 mn to Angel Yeast to up local production

The European Bank for Reconstruction and Development (EBRD) is lending USD 40 mn to the Egyptian branch of China-based yeast maker Angel Yeast. The loan will help the Shanghai-listed conglomerate to up local production of yeast products for export, helping Egypt “attract much-needed foreign direct investment (FDI) to the agribusiness sector,” the multilateral lender said in a statement.

How the funding will be used: The money will help Angel Yeast Egypt build a new storage facility and incorporate more raw materials from local private-sector suppliers, the EBRD said. The partnership will also see the company process some 81k tons of waste sugar beet and cane molasses to turn them into yeast products and organic fertilizers. The EBRD loan will also go towards improving quality and operating standards, and hiring and training recent graduates in Beni Suef.

Background: The EBRD loaned Angel Yeast Egypt USD 52 mn in 2018 to build its Beni Suef yeast extract factory, which came online the following year. Angel Yeast Egypt is fully owned by its parent company, which is the world’s third-largest producer of dry yeast and second-largest producer of yeast extract, according to the EBRD.

ELSEWEDY OKAYS AFREXIMBANK LOAN- Elsewedy Electric’s board has approved taking out a USD 200 mn revolving loan from Afreximbank, it said in an EGX disclosure (pdf). The company didn’t elaborate on how the loan will be used.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.