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EBRD loans €5 million to Egypt’s Raya Foods
The European Bank for Reconstruction and Development (EBRD) is investing €5 million in Raya Foods, a fast-growing frozen fruits and vegetables production company based in Egypt, to support the fast growing business’ future expansion.
The financing will boost the company’s ability to invest in new equipment and storage facilities to match strong business orders. The market for frozen fruit and vegetables in Egypt has been growing rapidly over the last five years, with an increase of nearly one quarter in retail value last year alone.
Building a new warehouse will assist Raya Foods in increasing its capacity during the harvest season and to store for off-peak seasons, which will create the potential to significantly boost exports to existing and new clients abroad. The investment will also improve food security and strengthen the distribution chain in Egypt.
Established in 2017, Raya Foods is a subsidiary of Raya Holding, a Cairo-based investment conglomerate listed on the Egyptian Stock Exchange since 2005. Nearly 100 per cent of the company’s raw materials are locally sourced fruits and vegetables and roughly 80 per cent of its products are exported.
Egypt is a founding member of EBRD. Since the start of its operations in Egypt in 2012, the Bank has invested over €5 billion in 95 projects in the country. 2018 was a record year for the Bank in Egypt, when it was the largest EBRD country of operations in terms of new commitments.
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