Egypt's Minister of Investment and International Cooperation Sahar Nasr witnessed on Tuesday the inking of an agreement between the International Finance Corporation (IFC), a member of the World Bank, and Edita for Food Industries.
The new agreement provides $30 million to enhance Edita's overseas investments and to generate job opportunities.
According to a statement issued by the ministry, the fund should help the company expand in the local market by lunching new production lines and boosting efforts to acquire new companies in the food industry sector.
“We welcome this kind of investment, which boosts government efforts to encourage the growth of the private sector and create new job opportunities throughout Egypt,” Nasr declared.
She added that Edita, through its new expansions, will be the first firm to benefit from the new amendments to the investment law, which will lead to an increase in the FDI volume in the upcoming period.
IFC manager Waleed Labdi said that the food industry sector is one of the most vital sectors in the Egyptian economy, and that the private sector plays a vital role in this regard. Labdi also said that the IFC is committed to supporting Egypt's economic reform programme, and that the agreement will achieve the goals of this programme, especially in creating new job opportunities.