EBRD forks out $52M on Egypt’s yeast industry

CAIRO – 15 February 2018: The European Bank for Reconstruction and Development (EBRD) will provide a $52 million loan to Egypt in support of the agribusiness sector.

The loan will directly be given out to China-based Angel Yeast’s subsidiary in Egypt, which is hailed as the world’s third largest producer of yeast extracts, and this will expectedly boost Egypt’s production of the yeast and its relevant products, as well as increase exports, the EBRD said in a Thursday statement.

“We are very pleased to support this project, which will boost exports, bring foreign direct investment and create jobs. This is a great example of how the idea of increasing trade and cooperation along the ancient Silk Road can bring benefits to local workers and economies. The EBRD is also proud to support the efficient use of water resources in Egypt, in line with EU standards, which is one of our top strategic priorities in the country,” said Janet Heckman, managing director for the Southern and Eastern Mediterranean (SEMED) region at EBRD.

The EBRD loan will expectedly be used in constructing new water treatment and production facilities in the Upper Egypt governorate of Beni Suif, the statement said, adding that the around 200 job opportunities will be provided by the new projects and that the workers will be undertaking technical training concerning the operation of the said projects.

“Angel’s investment in Egypt in 2010 was an important step for our company as we began international operations. After six years, Angel has become a successful model of how Chinese enterprises can go global. In 2017, in order to better respond to EU and Egyptian markets, our company decided to invest in a new project, in the production of yeast extract. We are honored to receive support in this project from the EBRD. We will carefully fulfill the company’s social and environmental action plan, starting production as early as possible, and thus increasing our contribution to the economy of Egypt,” CFO of Angel Yeast Haijin Mei announced.