Almarai said to get a $150 mln Islamic loan from IFC

Almarai Co. will get a Shariah-compliant facility amounting to $150 million from the International Finance Corporation (IFC) to support the dairy producer’s investments in Egypt, according to reports in the local media.

Almarai’s program in Egypt aims to reduce waste, improve safety standards, and provide new job opportunities across the various stages of the agricultural supply chain.

The IFC’s advisory services program will help Beyti, a joint venture of Almarai and Pepsico in Egypt, to improve water and power consumption efficiency in order to be EDGE-certified (Excellence in Design for Greater Efficiencies), Almarai’s chief executive officer Georges Schorderet was quoted as saying.

According to data compiled by Argaam, Almarai owns a 52 percent stake in Beyti, while Pepsico owns 48 percent of the company.