Washington, D.C., June 27, 2005
— The International Finance Corporation, the private sector arm of the World Bank Group, today announced financing of up to $15 million for Wadi Holdings, one of Egypt’s leading poultry companies. IFC’s financing will support the company’s expansion and diversification.
IFC’s long-term loan will help fund Wadi’s four-year investment program, which includes expansion of the group’s poultry hatchery and breeder operations, construction of a new poultry feed mill, planting of additional olive groves, installation of new olive and vegetable processing facilities, and creation of a company to produce high-quality glass containers, primarily for Egypt’s food industry. The group’s poultry and agricultural products are targeted to domestic and export sales.
Jean-Paul Pinard, Director of IFC’s Agribusiness Department, noted that, “IFC is excited to support the expansion of Wadi, which is building on the successes of its poultry operations to expand into complementary lines of business for Egypt’s growing domestic and export markets.”
Sami Haddad, IFC’s Director for the Middle East and North Africa, commented, “Egypt’s improving business climate is offering increased opportunities to forward-thinking agribusiness companies like Wadi, which IFC seeks to support.”
Wadi is also committed to environmental and social sustainability. Over the past several years, the company has implemented quality management systems and obtained ISO certification for several key operations, with the remainder targeted for certification in the coming year. The company will also obtain Hazard Analysis and Critical Control Point (HACCP) food safety certification for its food packaging operations within the year. Wadi’s grape and olive farms are certified organic in accordance with European Standard EU 20092\91 and, in the near term, will be certified to the National Organic Program under the auspices of the United States Department of Agriculture.
Musa Freiji, Wadi’s Chairman, remarked that, “IFC’s involvement in the global agribusiness industry will help accelerate Wadi’s development as an international poultry and agricultural player. Wadi group’s partners have for the past 46 years been playing a pivotal role in the development of modern poultry production in Arab countries. They are determined to continue this worthy effort, with IFC’s support.”
The mission of IFC (
www.ifc.org
)
is to promote sustainable private sector investment in developing countries, helping to reduce poverty and improve people’s lives. IFC finances private sector investments in the developing world, mobilizes capital in the international financial markets, helps clients improve social and environmental sustainability, and provides technical assistance and advice to governments and businesses. From its founding in 1956 through FY04, IFC has committed more than $44 billion of its own funds and arranged $23 billion in syndications for 3,143 companies in 140 developing countries. IFC’s worldwide committed portfolio as of FY04 was $17.9 billion for its own account and $5.5 billion held for participants in loan syndications.
