Food Empire has secured a US$10 million ($13.35 million) loan from the European Bank for Reconstruction and Development (EBRD) for the construction of its new coffee-mix manufacturing facility in Kazakhstan.
The facility is located within the Khorgos Special Economic Zone (SEZ) in Kazakhstan, and it is Food Empire’s first manufacturing facility in the country.
The facility will produce the group’s portfolio of instant beverage products including its flagship MacCoffee brand of instant coffee-mix. Food Empire expects to export up to 50% of the products manufactured at the new facility to Central Asia and the Caucasus.
Meanwhile, the EBRB said that it expects the new facility to create jobs and set a new benchmark for the food-processing sector in Kazakhstan and Central Asia in terms of technology and hygiene standards.
The EBRB has invested more than €11 billion in 335 projects in Kazakhstan, with most of the funds supporting private entrepreneurship.
Shares in Food Empire closed 3 cents higher or 2.222% up at $1.38 on March 21.
