IFC, Madagascar partner to develop insurance to protect smallholder farmers from risks

MADAGASCAR – Malagasy farmers stand to build stronger climate resilience, increase productivity, and easily access financial services thanks to an agricultural insurance program announced by IFC and the government of Madagascar. Under the program, IFC will help Malagasy insurance companies develop targeted insurance products to protect farmers from weather-related risks and other natural disasters that threaten their livelihoods and undermine creditor confidence. Agricultural insurance will help protect farmers from a wide range of natural disasters, including cyclones, droughts, floods, and pest invasions which cost the country an average of 1…

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IFC, FMO to back Tunisian olive oil producer CHO Company with US$14m financing

TUNISIA – One of Tunisia’s largest olive oil producers, CHO Company is eyeing €12 million (US$14.4m) long-term financing facility from the International Finance Corporation (IFC)and Dutch development finance institution FMO. The proposed debt will finance the company’s permanent working capital and capital expenditures to support its strategy to increase its sales of bottled olive oil. “CHO’s overall goals through this project are its contribution to preserving linkages with farmers, maintaining jobs, and domestic value addition,” indicates FMO. The project’s contribution to market resilience will be through building capacity along the…

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Naivas, Cleanshelf open new branches in Nakuru, take over spaces of struggling Tuskys, Ukwala

KENYA – IFC backed Kenyan retailer Naivas Supermarket has opened its fourth store in Nakuru town, as local chain Cleanshelf opens its inaugural store in the same region, central of Kenya. The new stores steam up competition in the town which hosts other retailers such as WoolMart and QuickMart who have two branches each, while homegrown Gilanis has maintained its only branch. According to reports by Business Daily, Naivas’ and Cleanshelf’s new branch have occupied spaces vacated by Tuskys and Choppies owned Ukwala respectively. Troubled Tuskys supermarket exited Nakuru town,…

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IFC to save Egyptian farmers US$875m annually by fostering transition to solar irrigation systems

EGYPT – IFC, a member of the World Bank Group has partnered with ALEXBANK, an Egyptian private bank to provide financing to farmers to enable them transition to use of sustainable irrigation systems. Under the partnership, the financial institutions will design new funding packages to enable farmers to purchase and install solar powered irrigation pumps. This targets farmers who may lack direct access to electricity grid and aims to reduce their reliance on diesel-powered generators by switching to clean energy options which have reduced impact on the environment. “This new…

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IFC issues US$2.4m loan financing to Mali’s leading mango processor to expand export market

MALI – Mali’s leading mango processing company CEDIAM (Centre d’Étude et de Développement Industriel et Agricole du Mali), has received a €2 million (US$2.4m) financing from IFC to bolster its operations. According to IFC, the loan consists of a senior A loan of up to €1 million (US$1.2m) from its own account and a concessional loan of up to €1 million (US$1.2m) in its capacity as implementing entity for the Private Sector Window of the Global Agriculture and Food Security Program (GAFSP). CEDIAM will use the financing to upgrade its…

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IFC seeks to issue US$10m financing to Ethiopia’s leading poultry company EthioChicken Group

ETHIOPIA – Ethiopia’s leading producer of day-old-chicks and poultry feed, EthioChicken Group is set to acquire a US$10 million loan from IFC to enable it implement its 5-year program. Under the company’s growth plan, it seeks to construct two new breeding farms with a capacity of 60K bird each and one new hatchery facility, expected to cost US$16.2 million. The two new breeding farms will be built in SNNPR region and Amhara region, while the new hatchery will be built in SNNPR region. In addition, the group will utilize the…

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South Africa’s expansive blueberry orchard United Exports gets US$3.6m support from IFC, FMO

SOUTH AFRICA – United Exports, leading producer and exporter of blueberries in South Africa has clinched a €3 million (US$3.6m) loan financing from IFC and the Dutch entrepreneurial development bank (FMO) to support its ongoing capital expenditure projects and help maintain local farmers’ access to markets and employment. The €3 million (US$3.6m) loan includes €1.5 million (US$1.8m) from IFC and a €1.5 million (US$1.8m) loan from FMO. United Exports sells its blueberries under its proprietary OZblu brand within South Africa and exports roughly 90 percent of its output to markets…

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Kioo Limited glass container manufacturer gets US$10m loan from IFC

TANZANIA – Tanzania glass container manufacturer, Kioo Limited has acquired a US$10 million working capital loan from the International Finance Corporation (IFC). Kioo is wholly owned by African Developments Limited an associate of the Madhavani Group, based in Uganda and is one of the leading business groups in East Africa with interest in Uganda, Rwanda, Tanzania, the Middle East and India. According to reports by Africa Private Equity News, the loan will go towards long-term working capital funding, and necessary equipment maintenance and upgrades, to help mitigate the impact of…

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IFC partners with Kobo360 to tackle food waste, reduce energy consumption in Nigeria

NIGERIA – IFC, a member of the World Bank Group, in partnership with Kobo360, an African digital logistics platform, announced an open call for innovators from around the world to bring climate-smart, temperature-controlled logistics (TCL) cooling solutions to Nigeria to help the country address food waste challenges, support its health sector, and reduce its energy consumption. The program is being implemented by IFC in partnership with the UK Department for Business, Energy & Industrial Strategy (BEIS) and Kobo360, an African e-logistics platform and IFC client. Applications are open until January…

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IFC partners Agricultural bank of Egypt to help farmers access financing for solar irrigation

EGYPT – IFC, a member of the World Bank Group, and the Agricultural bank of Egypt (ABE) announced a partnership to help Egyptian farmers access financing for purchase of solar irrigation systems, reducing their reliance on diesel-powered generators. Through the partnership, IFC will help ABE build capacity and design new financial products to enable farmers, most of whom lack direct access to grid electricity, to purchase and install the sustainably powered facilities. This is aimed to reduce production cost, provide clean energy while boosting productivity. “Expanding the use of solar…

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