Cairo, July 11, 2007 — IFC, the
private sector arm of the World Bank Group, signed an agreement today with
Wadi Holdings Group, one of Egypt’s largest integrated agribusiness companies,
to support its expansion plans. The $25 million loan will help the company
improve the efficiency of its poultry operations and food production and
expand its olive groves and exports of glass food containers.
Musa Freiji, President of Wadi Holdings,
said, “IFC’s involvement will help accelerate our development according
to international standards. The Corporation will also play a key role in
developing modern poultry production and food processing in the Middle
Declan Duff, IFC Vice President for
Industries, said, “Agribusiness is a key sector for IFC in emerging markets,
helping increase opportunities for people living in rural areas. 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.”
In June 2005, IFC 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 the avian influenza outbreak in Egypt
in early 2006. IFC then collaborated with the company to convene
an avian flu conference in Egypt, bringing together the poultry industry
and the government to share valuable operational and commercial lessons.
IFC, a member of the World Bank Group,
fosters sustainable economic growth in developing countries by financing
private sector investment, mobilizing capital in the international financial
markets, and providing advisory services to businesses and governments.
IFC’s vision is that poor people have the opportunity to escape poverty
and improve their lives. In FY06, IFC committed $8.3 billion, including
syndications, to 284 investments in 66 developing countries. For more information,
please visit www.ifc.org.
About Wadi Holdings Group
Wadi Holdings Group, a Lebanese-owned
agribusiness firm in Egypt, is strongly committed to environmental and
social sustainability. In recent years, the company has put in place high-quality
management systems, obtained ISO and HACCP certification for several of
its key operations, and received international organic certification for
its grape and olive farms.