Egypt’s Edita, Arab Bank sign $6.67mln medium-term loan

Egypt’s Edita, Arab Bank sign $6.67mln medium-term loan

Edita Food Industries signed an EGP 105m medium-term loan with the Arab Bank, to finance the purchase and installation of a new production line, the company said in a Sunday statement.The facility, which comes with a seven-year term, is eligible for issue under the umbrella of the Central Bank of Egypt (CBE) initiative granting loans with an interest rate of 8%. According to the statement, Edita's long-term strategy for 2020 will focus on driving sustainable revenue growth with its strong foundations in expansion and diversification as a base. The food manufacturer will work on building brand equity in the newly penetrated biscuits segment, with planned above-the-line advertising during the second half (H2) of 2020 as well as the launch of new SKUs. Regionally, the company's greenfield investment in Morocco is on track, with