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PROPARCO supports agro-industry in West Africa with SIFCA

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Thursday, 18 October 2018

PROPARCO supports agro-industry in West Africa with SIFCA

A €90 million loan was allocated on 8 October to SIFCA to finance the agricultural investments of its subsidiaries. Proparco organised the loan with co-financing from its Dutch counterpart, FMO, and Société Générale. The project is supporting the growth of a major agro-industrial player and will thereby contribute to the economic and social development of the region. A biomass power plant producing electricity from palm waste will also generate low-carbon electricity. SIFCA, an agro-industrial leader in West Africa, operates in Côte d’Ivoire, Ghana, Liberia, Nigeria and Senegal, through about ten different companies. SIFCA employees over 33,000 people and sources its raw materials from over 110,000 small growers. This €90 million credit line made available to SIFCA by Proparco (lead partner), FMO and Société Générale will be used to finance its investment plan. The project supports the growth of a business operating in rural areas and post-conflict countries and will therefore lead to strong positive economic and social impacts.

Source: agenceecofin.com