The European Bank for Reconstruction and Development (EBRD) approved a $20 million loan to Afia International Company in order to support the company’s purchase of raw materials.

The loan will support the company to diversify its financing sources by providing approximately 15% of its total annual needs, according to the EBRD’s statement.

EBRD will help Afia diversify and strengthen its local value chain by adding new local suppliers and improving quality and operating standards. Moreover, it will encourage the company to expand into new export markets. All of above will come in the frame of this new investment.

In addition, the EBRD pays attention to increase women’s access to employment and training, so it will help Afia to raise its inclusion standards by promoting a gender-sensitive internship program.

Since 2012, the EBRD has invested €10.4 billion in 167 projects in Egypt, with nearly 57% of its portfolio in private sector projects, according to a bank statement.

EBRD has provided financing during the past year worth 737 million euros for the private sector to support SMEs, while the bank’s total investments in Egypt amounted to 1.3 billion euros in 2022.