Edita (IFC-40991)

Countries
  • Egypt
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Completed
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Mar 14, 2019
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
EDITA FOOD INDUSTRIES S.A.E
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Agriculture and Forestry
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 30.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Project Cost (USD)
$ 30.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Bank Documents
Other Related Projects
Primary Source

Original disclosure @ IFC website

Updated in EWS Aug 13, 2024

Disclosed by Bank Mar 7, 2019

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

Edita’s investment plan includes (a) expansion into Morocco through a JV with a Moroccan partner to establish a production facility in Morocco, (b) capital expenditures in Egypt, (c) refinancing a portion of Edita’s existing debt, and (d) acquisitions in Egypt and other countries.

IFC's investment will help in: (a) sustaining and creating new jobs in Egypt and Morocco (Edita's future growth will create 400 direct jobs per year in Egypt alone, totaling 2,000 over the next five years); and (b) increasing integration of Egypt's processed foods sector, through capacity building and skills, as Edita will continue to support and develop local suppliers of raw materials, and these suppliers will supply other players in Egypt's processed foods sector.

People Affected By This Project
People Affected By This Project refers to the communities of people likely to be affected positively or negatively by a project.

IFC's investment will help in:
(a) sustaining and creating new jobs in Egypt and Morocco (Edita's future growth will create 400 direct jobs per year in Egypt alone, totaling 2,000 over the next five years); and
(b) increasing integration of Egypt's processed foods sector, through capacity building and skills, as Edita will continue to support and develop local suppliers of raw materials, and these suppliers will supply other players in Egypt's processed foods sector.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

The proposed IFC investment is a loan of up to US$30 million for IFC’s own account to finance Edita’s investment plan.

Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

Edita, a publicly listed company on Egypt and London stock exchanges, is a market leading branded bakery products company in Egypt. It produces and sells packaged cakes, croissants, rusks (baked bread snacks), wafers and candies in Egypt and exports to 16 countries.

The shareholders include the Quantum Investment BV (42%), Kingsway Fund (15%) which is a UK based investment fund, Exoder Limited (13%) which is fully owned by Chipita, and free float (31%). Mr. Hani Berzi is the founder of Edita and serves as its Chairman and Managing Director.

Edita’s headquarters is in Sixth of October City in Giza governorate. Three out of Edita’s five production facilities are located in Sixth of October City, one is located in Tenth of Ramadan City in Sharqia governorate, and one in Beni Suef governorate. Edita’s planned production facility in Morocco will be located in Casablanca.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Edita Food Industries Company (S.A.E) Client -
- - - - Quantum Investment BV Investor -

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Edita Food Industries S.A.E. 
Mr. Sameh Naguib 
Vice President and Chief Financial Officer 
+202 38516464 
Sameh.naguib@edita.com.eg 
P.O Box 64 El Sheikh Zayed – ZIP code 12588, 6th of October City, Egypt 
www.edita.com.eg 

ACCOUNTABILITY MECHANISM OF IFC

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/

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How it works