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IFC Financing Helps Develop Agribusiness in Egypt


In Cairo:
Riham Mustafa

Phone: +20 22 461 9150, ext. 306
E-mail:
rmustafa@ifc.org


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 East.”

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.

About IFC
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.