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Angel Yeast Egypt Expansion



Project number:


Business sector:


Notice type:


Approval date:

05 Oct 2022



PSD disclosed:

14 Dec 2022

As permitted by paragraph 2.6 of Section III of the Access to Information Policy, disclosure of this PSD was deferred in accordance with paragraph 1.4.4 of the Directive on Access to Information.

Project Description

Provision of a USD 40 million senior unsecured loan (the "Loan") to Angel Yeast Egypt (the "Company"), a fully-owned subsidiary of Angel Yeast Co. Ltd ("AY"). The loan will be used for the expansion of the Company's existing yeast production plant in the city of Beni Suef in Egypt, adding 20,000 tonnes of yeast production capacity.

Project Objectives

The Loan will be used to partially finance the extension and expansion of Angel Yeast Egypt's existing yeast production plant in the city of Beni Suef in Egypt: adding 20,000 tonnes of yeast production capacity, including 15,000 tonnes of dry yeast production capacity and 5,000 tonnes of yeast extract production capacity.

Transition Impact

ETI score: 62

The Project will contribute to the Integrated quality as it will support the expansion of storage infrastructure to increase the Company's export capacity.

Under the Competitive quality, the Project will support: (i) the diversification and enhancement of the Company's value chain by adding new private sector suppliers and improving their quality and operational standards, and (ii) strengthening the competitiveness of the Company through knowledge sharing and enhancement of the labour force's competencies, especially newly hired employees in the Beni Suef region.

Client Information


Angel Yeast Egypt is one of the leading yeast producers and exporters in Egypt. The parent Angel Yeast China Ltd. is the third largest producer and exporter of yeast in the world and the largest producer of yeast extract.

EBRD Finance Summary

USD 40,000,000.00

Total Project Cost

USD 80,000,000.00


The additionality of the Project is expected through the following:

(i) Financing Structure: the Bank will provide a sizeable long term USD financing that is not widely available on the local market.

(ii) Risk Mitigation: Given the volatile political and economic environment in the region, the Bank's involvement will provide additional comfort to  Angel Yeast Co. Ltd as it continues to invest and grow its exposure to the Egyptian market.

(iii) Standard setting: The Bank will support Angel Yeast Egypt as part of the Environmental and Social Action Plan (ESAP) to improve corporate climate governance across its operations in Egypt in line with leading international standards.  The Bank's engagement with the Company will also ensure that the new production lines financed by the Bank and the operations of the factory achieve higher levels of resource efficiency by adhering to the best practice international resource efficiency management standards (ISO50001, ISO46001).

Environmental and Social Summary

This Project was categorised B (2019 ESP). Through the existing exposure, Angel Yeast has demonstrated overall compliance with the Bank's E&S Policy and the previously agreed E&S Action Plan (ESAP), and has been satisfactorily reporting on its E&S performance. The monitoring carried out thus far indicates no red flags or substantial gaps with EBRD's Performance Requirements. The E&S risks associated with the current transaction are site specific and readily addressed through standard mitigation measures.

The Environmental & Social Due Diligence (ESDD) for this Project was carried out in-house and was based on the findings of the 2017 independent ESDD, documentation review regarding the new facility, a site visit and interviews with the client's representatives. The planned new yeast extraction plant was subject to an Environmental and Social Impact Assessment, and is located within the current Company premises in the Beni Suef industrial zone and will not require any additional land acquisition. The Company has HR policies and procedures that are in check with the national law and comply with EBRD's PR2.

The production lines are in line with EU BAT and meet EU emissions standards, and the factory features biogas recovery for steam generation as well as waste water recycling. The new production facility is expected to produce about 75k tonnes of CO2eq per year stemming from the natural yeast fermentation process. The Company has therefore been required to prepare and implement a formal climate action plan to include an assessment of GHG emissions; identification and assessment of potential measures to reduce energy and water consumption and GHG emissions, and mitigate climate change risks in the short, medium and long term. An updated ESAP has been prepared integrating the above items as well as the requirement to manage new facility's resources in line with ISO50001 for energy management and ISO460001 for water efficiency management.

Climate resilience measures have been integrated into the Project design and through further commitments in the ESAP. The updated ESAP has been agreed with the client, and ESD will continue to monitor the Company compliance through the review of annual reports and site visits as necessary.

Technical Cooperation and Grant Financing


Company Contact Information

Gao Lu

Implementation summary

PSD last updated

14 Dec 2022

Understanding Transition

Further information regarding the EBRD’s approach to measuring transition impact is available here.

Business opportunities

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General enquiries

Specific enquiries can be made using the EBRD Enquiries form.

Environmental and Social Policy (ESP)

The ESP and the associated Performance Requirements (PRs) set out the ways in which the EBRD implements its commitment to promoting “environmentally sound and sustainable development”.  The ESP and the PRs include specific provisions for clients to comply with the applicable requirements of national laws on public information and consultation as well as to establish a grievance mechanism to receive and facilitate resolution of stakeholders’ concerns and grievances, in particular, about environmental and social performance of the client and the project. Proportionate to the nature and scale of a project’s environmental and social risks and impacts, the EBRD additionally requires its clients to disclose information, as appropriate, about the risks and impacts arising from projects or to undertake meaningful consultation with stakeholders and consider and respond to their feedback.

More information on the EBRD’s practices in this regard is set out in the ESP.

Integrity and Compliance

The EBRD's Office of the Chief Compliance Officer (OCCO) promotes good governance and ensures that the highest standards of integrity are applied to all activities of the Bank in accordance with international best practice. Integrity due diligence is conducted on all Bank clients to ensure that projects do not present unacceptable integrity or reputational risks to the Bank. The Bank believes that identifying and resolving issues at the project assessment approval stages is the most effective means of ensuring the integrity of Bank transactions. OCCO plays a key role in these protective efforts, and also helps to monitor integrity risks in projects post-investment.

OCCO is also responsible for investigating allegations of fraud, corruption and misconduct in EBRD-financed projects. Anyone, both within or outside the Bank, who suspects fraud or corruption should submit a written report to the Chief Compliance Officer by email to All matters reported will be handled by OCCO for follow-up. All reports, including anonymous ones, will be reviewed. Reports can be made in any language of the Bank or of the Bank's countries of operation. The information provided must be made in good faith.

Access to Information Policy (AIP)

The AIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations following its entry into force on 1 January 2020. Please visit the Access to Information Policy page to find out what information is available from the EBRD website.

Specific requests for information can be made using the EBRD Enquiries form.

Independent Project Accountability Mechanism (IPAM)

If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (e.g. through the Client’s Project-level grievance mechanism or through direct engagement with Bank management), individuals and organisations may seek to address their concerns through the EBRD’s Independent Project Accountability Mechanism (IPAM).

IPAM independently reviews Project issues that are believed to have caused (or to be likely to cause) harm. The purpose of the Mechanism is: to support dialogue between Project stakeholders to resolve environmental, social and public disclosure issues; to determine whether the Bank has complied with its Environmental and Social Policy or Project-specific provisions of its Access to Information Policy; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank.

Please visit the Independent Project Accountability Mechanism webpage to find out more about IPAM and its mandate; how to submit a Request for review; or contact IPAM  via email to get guidance and more information on IPAM and how to submit a request.


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