Raya Foods, one of the subsidiaries of Raya Holding, announced that it has succeeded in acquiring a €5m loan from the European Bank for Reconstruction and Development (EBRD) to develop the company’s expansion plan, according to a Thursday press statement.
The loan will help the company develop and equip its factory in Sadat City and supply it with the best advanced technology and machines for the packaging, storage, and exportation of frozen foods. In addition, Raya aims to increase its factory’s capacity in line with the growing global demand, the statement read.
Medhat Khalil, chairperson and CEO of Raya Holding, said that the loan agreement comes as part of the total investment of €7.5m in Raya Foods to improve the efficiency of its production lines and increase the storage capacity of the company.
The loan is expected to be disbursed in two instalments, the first of €3.4m and the second of €1.6m, Khalil noted.
