CAIRO: To further develop agribusiness in Egypt, the International Finance Corporation (IFC), signed an agreement with Wadi Holdings Group – one of Egypt’s largest integrated agribusiness companies – in a bid to support its expansion plans.
“Agribusiness is a key sector for IFC in emerging markets, helping increase opportunities for people living in rural areas, said Declan Duff, IFC’s vice president for industries. “In Egypt, agriculture accounts for almost one-third of the country’s employment. Our support to the sector can help create jobs and fuel economic growth.
The agreement secures a $25 million loan to Wadi Holdings, utilized to improve efficiency of the company’s poultry operations and food production, as well as expand its olive groves and exports of glass food containers.
“IFC’s involvement will help accelerate our development in line with international standards. The Corporation will also play a key role in developing modern poultry production and food processing in the Middle East, stated Musa Freiji, president of Wadi Holdings.
In June 2005, IFC – the private sector arm of the World Bank Group – invested $15 million in Wadi Holdings Group for key upgrades. The investment provided employment opportunities for about 750 people.
IFC also helped the company implement best practices for biosecurity during Egypt’s avian flu outbreak in early 2006. IFC later collaborated with the company to convene an avian flu conference in Egypt, bringing members of the poultry industry and the government together to share operational and commercial concerns.
