USAID funded Trade Hub supports Senegalese Agro Boye, Guinea’s La Petite Damba to increase capacity

WEST AFRICA – Senegal-based agribusiness firm Agro Boye, has received a US$1.1 million co-investment grant from the USAID-funded West Africa Trade & Investment Hub (Trade Hub), to increase its production capacity of horticultural products, helping to reduce food insecurity and import-dependency in the country. The investment comes three years after its partnership with the Trade Hub on building a successful pilot project that the agribusiness implemented in 2019 to boost its potato cultivation using 30 hectares of land. At that time, Agro Boye first invested around US$260,000 and produced 900…

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InfraCo Africa commits additional US$2.4m in Bonergie Irrigation SAS, acquires large minority shareholding

SENEGAL – InfraCo Africa, an investment company and part of the Private Infrastructure Development Group (PIDG), has signed a Shareholders’ Agreement and a Loan Agreement with Bonergie Irrigation SAS to continue supporting the scale-up access to solar-powered irrigation solutions in Senegal. Under the new agreements, InfraCo Africa will hold a large minority shareholding in Bonergie Irrigation, committing an additional US$2.4 million to scale up farmers’ access to solar-powered irrigation solutions in Senegal. “We are excited to continue working with our partners at Bonergie Irrigation to substantially scale up our offering…

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USAID partners with Senegalese companies to realize US$9.9m investment in food industry

SENEGAL – The USAID-funded West Africa Trade & Investment Hub (Trade Hub) has entered into a US$9.9 million co-investment partnership with a trio of Senegalese businesses to create jobs and build new markets to recover from COVID-19 restrictions. The West Africa Trade & Investment Hub awarded co-investment grants totalling US$1.43 million (780 million in francs CFA) across the three promising Senegalese companies i.e., online fresh-grocery delivery company Club Tiossane and two women-led food companies, Biosene and Enterprise Aissatou Gaye (EAG). Biosene, with a total combined investment of US$2.18 million will…

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Senegalese bakery startup Mburu secures expansion capital from WIC Capital, WE! Fund

SENEGAL – Mburu, a Senegalese foodtech brand active in the production and marketing of breads and pastries, made from locally sourced raw materials, has secured no less than 243 million FCFA (US$450,000) funding, made up of a mix of capital and quasi-capital from WIC Capital and WE! Fund. Mburu uses millet, corn, and sorghum which are not commonly used by Senegalese bakeries, despite their nutritional value and local availability. To this end, the company has developed a whole range of bakery products to promote use of dry local cereals as…

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Senegalese food-tech startup LADC, Nigerian digital food cooperative Pricepally get funding

WEST AFRICA – Senegalese food-tech startup Les Ateliers de Corinne (LADC), has secured an undisclosed amount of funding from WIC Capital, as Nigerian group-buying platform Pricepally undertakes pre-seed funding round. Launched in 2014 by Corinne Erambert, LADC specializes in digital culinary marketing, organization of cooking workshops and cake design. The investment will enable the Dakar based company to scale up by financing the acquisition of professional equipment, the recruitment of a professional team and the installation into new premises. “I am delighted with this partnership which reinforces the image and…

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Senegal secures US$138m from EIB to improve supply of drinking water

SENEGAL – The European Investment Bank (EIB) is set to provide US$138.39 million (€114.5 million) in financial support to improve the drinking water supply and promote integrate solid waste management in Senegal. The support will strengthen the country’s resilience to the ongoing COVID-19 pandemic and other future pandemics as climate change exacerbates the urgency of the situation. By focusing on secondary cities, the Bank is supporting Senegal’s efforts to achieve balanced development across the country, reducing geographical disparities to ensure greater regional equity. Sustainable cities are an absolute necessity given…

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Amethis acquires minority stake in Senegalese food production company NMA

SENEGAL – Amethis, an investment fund manager dedicated to the African continent has made its first transaction in Senegal with the acquisition of a minority stake in one of the country’s leading FMCG company, Nouvelle Minoterie Africaine (NMA). NMA founded in 2000, produces and distributes animal feed, pasta and wheat flour and has rapidly grown thanks to an organic growth, combined with the acquisition of Moulins Sentenac in 2015. Its daily production capacity is 400 tons for the feed plant, 250 tons for the mill and 55 tonnes for pasta.…

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ITFC issues grant to Senegal based ground nut oil processor to augment quality standards

SENEGAL – The Senegalese Groundnut Oil Processing Company, SONACOS has received a grant from the International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IsDB) Group to boost its processing capabilities. SONACOS is a public limited company that has operated in the groundnut sector in Senegal for over 40 years, with an annual processing capacity of 360,000 tons. It undertakes its operations through five factories in Lyndiane, Ziguinchor, Diourbel, Louga and Dakar and works hand in hand with producers of groundnut seeds and other aspects of…

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OPEC Fund loans US$65M to DR Congo and Senegal to boost food security

AFRICA – The OPEC Fund for International Development is providing two loans totalling US$45 million to help increase the supply of potable water and boost food security in the Democratic Republic of Congo (DR Congo). The OPEC Fund has also signed a US$20 million public sector loan agreement with Senegal to co-finance a project that will boost food security and incomes for around 300,000 people, with a strong focus on women and youth. For DR Congo, a US$30 million loan will support the Ozone Water Supply Project to provide around…

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IFC, OCP Africa partner to strengthen rice sectors in Côte d’Ivoire, millet in Senegal

WEST AFRICA – OCP Africa has forged a partnership with the International Finance Corporation (IFC) to support the rice and millet sectors in Cote d’Ivoire and Senegal respectively. The ultimate goal of the partnership is to advance food security in the two countries and improve the standard of living of the small-holder farmers As part of this partnership, IFC will provide consulting services to farmers and agricultural groups that are members of OCP Africa’s Agribooster program to reach nearly 12,000 Ivorian and Senegalese farmers by 2022. “We are very pleased…

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