The European Bank for Reconstruction and Development (EBRD) is providing loans of $100 million to the Saudi-based food and beverages producer Almarai for new investments in Egypt and Jordan.
The Saudi company operates in Egypt and Jordan through its respective subsidiaries Beyti and Teeba. Both subsidiaries are 52 percent owned by Almarai, and 48 percent owned by Pepsico.
In Egypt, the loan will allow Beyti to fund additional dairy and juice production capacity to address increasing demand for its products, and associated growing working capital needs.
The loan aims to facilitate further foreign direct investments in the Egyptian and Jordanian agribusiness value chains.
Almarai is listed on the Saudi stock exchange with a market capitalisation of approximately US$ 13 billion and is one of the leading food groups in the Middle East and North Africa. The company’s consolidated sales and total assets in 2018 stood at US$ 3.7 billion and US$ 8.6 billion, respectively.
