MAURITANIA – TND SA, an FMCG company in Mauritania, has received an undisclosed amount of investment from the African Export-Import Bank (Afreximbank), through its development impact-oriented subsidiary, Fund for Export Development in Africa (FEDA).
Founded in 2005, TND SA is one of the largest homegrown importer and distributor of goods and consumer products in the West African country.
Its operations include wholesale and retail of food imports as well as various logistics services.
The support from FEDA is aimed to propel the company’s diversification beyond importation to include integrated manufacturing of dairy and poultry products.
The move is expected to replace imports with locally produced foods, thereby positioning the company as a regional player in the medium term.
Yann Rogombe, FEDA Investment Director said, ”We are pleased to partner with TND SA sponsor and management and to support the company to implement its growth plan.
“This investment will have a significant developmental impact on the agri-food value chain in Mauritania and position the Company as a fully integrated regional player.”
Given Mauritania’s reliance on imports for its food needs, this investment presents an opportunity to develop local manufacturing capacity, positively impacting the balance of trade, to promote industrialization and create new jobs along the value chain.
Telmidy El Najim Driss, TND SA Chairman and CEO said, ”We are delighted to have FEDA as an investor and partner. This investment reflects the willingness of both parties to develop the agri-food value chain in Mauritania and will also take the Company to a new level and a new phase of growth.
“I am confident in the company’s development prospects, assisted by our partner FEDA, and we aim to become a leading player in the region in the years to come, thus contributing to food self-sufficiency in Mauritania and the region.”
FEDA pursues a multi-sector investment strategy along the intra-African trade, value-added export development and manufacturing value chain which includes financial services, technology, consumer and retail goods, manufacturing, transport & logistics, agribusiness, as well as ancillary trade enabling infrastructure such as industrial parks, in Afreximbank’s member states.
Professor Benedict Oramah, President and Chariman of the Board of Directors of Afreximbank said, ”Foreign Direct investments in Mauritania’s corporates are few and far between and this landmark transaction highlights FEDA’s strong commitment to provide development impact and attract Foreign Direct Investments in all geographies across the continent.
“Afreximbank, through FEDA, is pleased to do so in particular in Mauritania, one of the first Afreximbank member states to join FEDA. This investment is a demonstration of one of the benefits of this membership.”
The Pan-African multilateral financial institution is mandated to finance and promote intra-and extra-African trade.
Mid last year, the financier commenced construction of an Africa Quality Assurance Centre (AQAC) in Ogun State, Nigeria, expected to kick-start operations by the second quarter of 2022.
This is the first in a series of Quality Assurance Centres that the bank intends to establish across Africa to support industrialization across the continent by ensuring that African products are manufactured to international standards and enabling them to participate in intra-African and global trade.