WASHINGTON, June 12, 2012/African Press Organization (APO)/ -- IFC, a member of the World Bank Group, today signed an agreement to invest €2.4 million in the equity of Société Ivoirienne de Productions Animales S.A (“SIPRA”), the leader of the Ivorian poultry industry through its brands: Coqivoire, Ivograin and Ivoire poussins. The investment will support SIPRA's expansion program, creating jobs, increasing food supply and supporting growth, as Cote d'Ivoire rebuilds its economy following political unrest.
IFC's €2.4 million investment will be used by SIPRA towards boosting poultry meat and egg production, adding retail outlets, increasing day-old chick production and feed mill capacity.
At the same time, IFC Advisory Services will help SIPRA strengthen
operations by offering strategic advice on corporate governance,
environmental and social standards, improvements in efficiency and
productivity, and supply chain capacity building,.
IFC and SIPRA will develop a Linkages Program and Community Investment Strategy targeted at farmers and small and medium businesses who work with
SIPRA. Currently, SIPRA purchases raw materials for feed from more than
20,000 grain farmers and sells day-old chicks and feed to more than 2000 poultry farmers. These numbers are expected to increase after SIPRA completes its expansion.
“IFC's backing will help SIPRA adopt international best practices and transform us into a regional champion, and a leading food company in West Africa. IFC's investment is a sign of confidence in the Ivorian economy and in the private sector's potential.” said Jean Marie Ackah, the President of SIPRA.
Yolande Duhem, IFC's Director for West and Central Africa, said, “IFC's investment in SIPRA aims to help West Africa's agribusiness sector become more competitive, which is vital to the development of the region's economy. SIPRA's linkages program aims to integrate local farmers and businesses in the company's production and sales process, creating a large source of rural income.”
The agribusiness sector is a key strategic priority for the IFC, especially in the face of the growing challenges of food security in Africa. IFC's investment in SIPRA reflects the organization's commitment to viable local companies that can become more efficient, increasing food security and creating greater rural income opportunities for the populations.
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. We help developing countries achieve sustainable growth by financing investment, providing advisory services to businesses and governments, and mobilizing capital in the international financial markets. In fiscal year 2011, amid economic uncertainty across the globe, we helped our clients create jobs, strengthen environmental performance, and contribute to their local communities—all while driving our investments to an all-time high of nearly $19 billion.
For more information, visit www.ifc.org
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