The European Bank for Reconstruction and Development (EBRD) has granted a $20m loan to finance the working capital of Medsofts International Holding Ltd, according to a EBRD press statement Thursday.
Medsofts is a key agricultural commodity importer and supply chain manager in Egypt.
There is a large gap between the supply and demand for agricultural commodities in Egypt, which instead has to rely on imports, the statement read.
The EBRD said the fund will participate in the completion of developing a grain-storage and handling terminal.
“The fund will help to improve the terminal’s utilisation rate and act as high logistics efficiency for ports,” the statement said. “The terminal is the fourth privately owned port in Egypt, where lack of efficient infrastructure port is one of the main obstacles for grain logistics in the country.”
EBRD Director for Agribusiness Gilles Mettetal said that investing in Medsofts is an important step towards enhancing the private sector’s involvement in the agricultural commodity sector in Egypt.
Since the beginning of the EBRD’s operations in Egypt in 2012, it has committed over €742m to 23 projects across a wide range of sectors.