Cameroon: IFC backs food company
The funding will enable First African Company to scale up production of its yogurt and juice brands.
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The International Finance Corporation (IFC) has announced a €2 million financing package for First African Company (FAC) to expand the local manufacturing of affordable dairy products and fruit juices in Cameroon.
The funding will enable FAC to scale up production of its yogurt and juice brands, including the introduction of a new yogurt product line.
“Today’s partnership with IFC marks a significant milestone for FAC as we strive to bring nutritious and affordable products to more communities in Cameroon. With this support, we aim to close the nutrition gap, create employment opportunities, and empower women and youth in our distribution networks,” said Martin Ngouchet, founder and chief executive officer of FAC.
“IFC’s investment in FAC exemplifies our commitment to promoting sustainable, inclusive growth in Cameroon’s private sector,” said Dahlia Khalifa, IFC division director for Central Africa and Anglophone West Africa. “By expanding the production of nutritious foods and creating economic opportunities for small businesses, this project demonstrates the transformative power of private sector investment in addressing food security and fostering job creation … By investing in local value addition, FAC’s expansion will reduce Cameroon’s reliance on food imports, enhance the competitiveness of the country’s food processing industry, and catalyse growth in small and medium-sized enterprises that supply raw materials and distribute finished products.”
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