Egypt’s Edita Food Industries has obtained a loan from a Middle Eastern bank to complete the construction of a new production facility in Morocco, where the snacks maker works with a joint-venture partner Dislog Group.
The seven-year loan from the Morocco unit of Jordan-headquartered Arab Bank amounts to MAD80m (US$8.2m), and will be used to finance the construction of the facility, as well as machinery and equipment, according to a statement provided to the London Stock Exchange.
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By GlobalDataWork on the plant started last year and is expected to be completed by the end of 2020, a company spokesperson told just-food, adding that Edita will disclose the products to be manufactured at the site in due course. The Cairo- and London-listed business expects the facility to be operational by early next year.
While Edita is already present in Morocco via its venture with Dislog – Edita Food Industries-Morocco – the spokesperson said the government of the north African country is encouraging more foreign direct investment. It is also a “sizeable market” where the majority of the around 40 million population are young people, making it an attractive investment destination, the spokesperson added.
Edita formed the $10m JV with Dislog – a private distribution company of fast-moving consumer goods – in 2017 and holds a 51% stake.
