Pee Cee Holding secures US$12M IFC loan to expand onion farming in Sierra Leone
The US$12 million loan will support a 500-hectare farm in Lungi, boosting food production and local supply chains.
SIERRA LEONE – Pee Cee Holding Ltd (PCH), a long-standing player in Sierra Leone’s consumer goods sector, has secured US$12 million in financing from the International Finance Corporation (IFC) to support the development of a large-scale farm near Freetown.
The announcement, made on April 7, 2025, marks a major step forward for agricultural production in the country.
The investment will be channeled through Pee Cee Agriculture (PCA), a subsidiary of PCH, and used to develop a 500-hectare onion farm in Lungi, a town located across the bay from Sierra Leone’s capital.
The total cost of the project is estimated at US$16 million, with PCH contributing $4 million from its own resources to cover early-stage costs.
“This investment is a game-changer for Sierra Leone’s agricultural sector. With the support of the IFC, we are proving that Sierra Leone can produce at scale, strengthening local supply chains and ensuring food security,” said Mahesh Nandwani, Chief Executive Officer of PCH.
The IFC loan, which will be repaid over a seven-year period with a two-year grace period, will cover the purchase of agricultural machinery and the construction of storage facilities. These are essential to support year-round operations and reduce food losses due to poor handling and lack of proper storage.
By focusing on onion production, the company hopes to meet growing domestic demand and reduce the country’s heavy reliance on imports. Sierra Leone imports a significant share of its food, including onions, which are a staple in many households.
Employment and economic impact
Agriculture remains an important part of Sierra Leone’s economy. According to the African Development Bank, the sector accounted for 60% of the country’s GDP in 2022, up from 47% in 2003. However, the share of employment in agriculture has dropped from 66.5% to 43% during the same period.
The Pee Cee project is expected to create new rural jobs and support farming communities around Lungi. It also highlights a growing interest in private sector-led solutions to improve food production.
PCH, which is fully owned by the Nandwani family, controls 80% of Pee Cee Agriculture. Over the years, the company has grown into one of Sierra Leone’s key distributors of food and non-food goods. This latest move into farming shows a shift towards building stronger supply systems from the ground up.
Recent moves in the region
This announcement comes as Sierra Leone continues to attract attention from development finance groups and private investors.
In a related development, the African Development Bank and the government of Sierra Leone recently signed a US$20 million agreement to upgrade rural roads in Tonkolili and Bombali districts.
The goal is to improve market access for farmers and reduce transport costs—two areas that often limit growth in the agricultural sector.
Together, these steps point toward steady efforts to support farming as a central part of Sierra Leone’s economic future.
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