The European Bank for Reconstruction and Development (EBRD) announced on Thursday that it is providing a $40 million loan to Angel Yeast Egypt, a global yeast and yeast extract manufacturer.
The loan aimed at supporting Egypt’s efforts to attract much-needed foreign direct investment (FDI) to the agribusiness sector, EBRD statement read.
The EBRD financing will enable Angel Yeast Egypt to boost its production of yeast, most of which is exported. The company is already working with local suppliers of molasses, a by-product of the sugar industry, and will raise its purchases of local raw materials.
In addition to financing the construction of a new storage facility, the EBRD loan will support the diversification and enhancement of Angel Yeast Egypt’s value chain by adding new private-sector suppliers and improving its quality and operating standards. It will also promote an environmental value chain by processing 81,000 tons per year of excess sugar beet and cane molasses into high-value food products (yeast and yeast extract), as well as organic fertilisers, the statement added.
The EBRD further said it is strengthening the company’s competitiveness by sharing knowledge and enhancing the skills of its labour force with an extensive training programme for recent graduates, who will be hired in the city of Beni Suef in Upper Egypt.
The project is also set to deliver significant environmental benefits by supporting a circular economy approach.
Angel Yeast Egypt is a joint stock company incorporated and operating in Egypt and it is fully owned by Angel Yeast Co. Ltd. – the third-largest producer of dry yeast and second-largest producer of yeast extract in the world. It is listed on the Shanghai stock exchange.