Samar El-Sayed _ The European Bank for Reconstruction and Development (EBRD) is considering providing a $15 million loan to two subsidiaries of «Savola Foods» in Egypt, namely: United Sugar Company of Egypt (USCE) and Alexandria Sugar Company (ASC).
According to the project data published by the Bank on its website, the proceeds of the $15 million loan will be utilized to finance capital investments of up to $5 million in the facilities of Alexandria Sugar Company and United Sugar Company of Egypt, in addition to providing a $10 million working capital facility to United Sugar Company of Egypt for the procurement of raw sugar.
The EBRD data indicated that the project will benefit from the "High-Impact Programme for the Corporate Sector (HIPCS)" funded by the Green Climate Fund (GCF), which provides concessional financing and technical cooperation support.
United Sugar Company of Egypt is one of the companies operating in the refining of white sugar designated for export to regional and international markets.
Meanwhile, Alexandria Sugar Company specializes in the production of refined sugar, molasses, and animal feed from sugar beet; the ultimate beneficial ownership of both companies belongs to Savola Foods Group.
