Tunisian olive oil producer CHO company clinches US$26m financing, management support from IFC

TUNISIA – One of Tunisia’s largest olive oil producers, CHO Company, has been offered a financing and advisory services package by World Bank Group’s IFC, to enable its scale up its operations. IFC has indicated that it will provide €22 million in financing with an eight-year tenor to its Tunisian partner since 2015. CHO will use the funds as working capital and to invest in new equipment, strengthen linkages with farmers and create new jobs in an economy that is recovering from the effects of COVID-19. Besides financing, IFC will…

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IFC, Kobo360 identifies global innovators to pilot sustainable cooling innovations in Nigeria

NIGERIA – IFC in partnership with Kobo360, an African digital logistics platform, have selected eleven global innovators to take part in the recently launched TechEmerge Temperature-Controlled Logistics Nigeria program. Under the program, the selected participant will partner with 15 leading Nigerian companies, to pilot cost-effective and climate-smart technologies to strengthen the country’s temperature-controlled logistics supply chain. The sustainable cooling innovation program is funded by the UK Government’s International Climate Finance and offers a total pool of US$1 million in grant funding to support field-testing over the next 12-18 months. The…

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Fertilizer major OCP Group expands into Sub-Saharan Africa with US$100m support from IFC

MOROCCO – OCP Group, the world’s largest phosphate mining and leading global fertilizer group, has inked a US$100 million financing agreement with IFC to expand its value chain in Africa. The project aims to boost OCP’s economic development agenda in the continent, as it sets up sustainable food systems in the region. According to IFC, the funds will be majorly channelled towards expanding the fertilizer company’s logistics networks. The agreement also seeks to increase the availability of fertilizers adapted to local soils and crops, in Cote d’Ivoire, Ethiopia, Ghana, Kenya,…

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IFC, German partner to strengthen supply chains for smallholder farmers in Africa with launch od US$25m program

AFRICA – IFC and BMZ, the German Ministry for Economic Cooperation and Development, have launched a new program that will leverage greater private sector investments to support the food production value chain across Africa and increase access to finance for rural farmers and businesses.  The Euro 21 million (US$25.45 million) Food Systems Development Program, focuses on giving food producers, ranging from smallholder farmers to small and medium-sized agri-businesses in Africa, greater opportunities to improve their incomes. IFC’s technical assistance will strengthen agricultural value chains from farm to market. “The battle…

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Ugandan Yo Kuku chicken brand owner to bag US$7m from IFC to spearhead expansion plan

UGANDA – HMH Rainbow Ltd, a producer of fresh and frozen chicken in East Africa under the brand name Yo Kuku, is eyeing financial backing from the private-sector investment arm of the World Bank, International Finance Corporation (IFC) to support its expansion plan. HMH Rainbow headquartered in Uganda is a joint venture between Ugandan businessman Alykhan Hudani (66.5% stake) and Rainbow Farms Investments Proprietary Ltd (33.5% shareholding). Rainbow Farms is a wholly owned subsidiary of RCL Foods Ltd, a publicly listed South African food manufacturer. The poultry company seeks to…

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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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