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The International Finance Corporation (IFC) and a local beverage company have signed a funding agreement to boost production, in a major investment by the Corporation in Sierra Leone’s agribusiness sector.
The funding involves a loan of US$5million, which will allow Kings Beverages, producer of soft drinks and fruit juices, to boost production, create jobs and strengthen the local agricultural value chain through collaboration with local farmers.
The signing ceremony took place at the World Bank Group Country Office in Freetown on Thursday, March 31.
The IFC is the World Bank Group’s private sector funding arm. According to a joint statement, the Corporation will provide US$2.5million of the total loan, while the other half will come from the multilateral financing instrument, the Global Agriculture Food and Security Program (GAFSP).
Kings Beverages, an Indian-owned company, is already a leading player in the beverage sector in Sierra Leone, specializing in non-alcoholic beverages and mineral drinking water. It produces some of the popular brands in the country, such as Mega Cola, Mega Malt, Mummy Fruity, Fresh Up and the popular Commando energy drink.
Kamara: IFC is the largest global development institution focused on the private sector in emerging markets. With presence in more than 100 countries, it uses capital, expertise, and influence to create markets and opportunities in developing countries.
In fiscal year 2021, IFC committed a record $31.5 billion to private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity as economies grapple with the impacts of the COVID-19 pandemic.
IFC‘s operation in Sierra Leone focuses on agribusiness, energy, the financial sector, and mining. It also highlights the increasing role of the digital economy in improving efficiencies and productivity.
Data provided by IFC indicate that the agribusiness sector employs nearly 60 percent of Sierra Leone’s labor force and provides a significant contribution to the GDP.
