Provision of a long-term loan of up to USD 44 million or equivalent in the local currency of Egypt (the "Loan") to International Company for Agricultural Industries Projects (Beyti) JSC (the "Company" or "Beyti"), a company organized in Egypt and active in dairy and fruit juice processing.
The Loan will support: (i) refinancing of existing short-term loans used for capex with a longer tenor loan more adapted to the Company's investment program, and (ii) capex investments to expand Beyti's dairy and juice production capacities and distribution network to strengthen its presence in theEgyptian dairy and juice sectors.
The transition impact of the Project is expected to derive from its contribution to the inclusion and competitive qualities, namely supporting the company to: (i) enhance its corporate standards and business conduct through the promotion of equal opportunities policies and practices to increase women's participation in the company's workforce, and (ii) to support market expansion of dairy and juice sectors in Egypt through strengthening backward and forward linkages. This includes increasing production and raw milk and fruit concentrate purchases of the Company from local dairy farms and juice concentrate producers, and expanding logistics coverage of the Company in both sectors by increasing the number of distribution centres and delivery capacity and hence achieving a higher number of sales points in the country.
International Company for Agricultural Industries Projects (Beyti) JSC is a major dairy and juice producer in Egypt.
The Company is ultimately owned 52% by Almarai Company, one of the largest integrated consumer food producers in the MENA region, headquartered in Saudi Arabia, and 48% by PepsiCo Inc., one of the largest beverage and snacks producers globally.
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