Cairo - Mubasher: MAFI Agricultural Produce Industries secured long-term joint financing of $108 million from an alliance led by Banque Misr, Suez Canal Bank and Al Baraka Bank-Egypt.
MAFI also obtained $72 million through equity investments from regional investors to launch an agri-food industrial complex in Sadat City, according to a press release.
Beltone Investment Banking served as the company’s sole financial advisor and lead financial coordinator.
The output of agri-food products is expected to reach $200 million during the project’s first phase, which will be doubled when during the second phase.
Ahmed Abou Hashima, Founder of Mafi, said the target export markets include the US, Japan, Europe, and the GCC.
Ahmed Issa, Deputy CEO of Banque Misr, highlighted that the financing aligns with the state's development plan within Egypt's Vision 2030.
Issa added that the joint financing aimed at anchoring Egypt's position as a regional centre for food manufacturing and creating new job opportunities that practically serve sustainable development plans.
In December, Beltone Capital, a subsidiary of Beltone Holding, unveiled plans to drive regional growth through a majority stake acquisition in African financial services provider Baobab.
