Ngouchet Group secures US$2.14M IFC loan to boost dairy, juice production in Cameroon
The IFC’s investment will help First African Company expand production, enhance food security, and strengthen Cameroon’s local agribusiness sector.
CAMEROON – Ngouchet Group, the Cameroonian owner of FMCG distributor Promodis Afriq, has secured a CFA1.3 billion (US$2.14 million) loan from the International Finance Corporation (IFC) to support its dairy and juice manufacturing subsidiary, First African Company (FAC).
Founded in 2005, FAC produces and distributes the Tino powdered milk and yoghurt brand and the Tampico juice brand. The funding comprises a €1 million (US$1.07 million) direct loan and a €1 million (US$1.07 million) concessional loan through the Canadian Resilient Food Systems Facility.
The investment aims to enhance local manufacturing capacity, strengthen food security, and reduce Cameroon’s reliance on imports.
The financing will allow FAC to expand juice and dairy production at its Douala factory. It will also introduce a new production line for Tino yoghurt in pouches, capable of producing 6,000 pouches per hour.
This expansion is expected to increase production capacity by more than 50% and enable the company to tap into new market segments.
“We needed this support to invest in innovation, create new products to meet domestic demand, and expand into regional markets,” said FAC CEO Martin Ngouchet.
Beyond boosting output, the expansion is set to generate over 1,000 direct and indirect jobs, drive inclusive economic growth, and strengthen local supply chains for nutritious food.
FAC currently operates two factories in Douala and Maroua, with the goal of making high-quality products more accessible to Cameroonian consumers.
The IFC will also assist FAC in improving environmental and social standards, enhancing food safety practices, and aligning with international best practices.
“IFC’s investment in FAC reflects our commitment to promoting sustainable and inclusive private sector growth in Cameroon,” said Dahlia Khalifa, IFC’s regional director for Central and Anglophone West Africa.
As part of its National Development Strategy 2020-2030 (NDS30), Cameroon is prioritizing domestic agribusiness.
IFC, with a current investment portfolio of US$238 million in the country, plans to increase its total investments to over US$500 million in the next three years.
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