IFC and FMO back South African blueberry producer

IFC and the Dutch entrepreneurial development bank FMO partnered to provide funding and advisory support to United Exports Limited to help the company increase sustainable blueberry production in South Africa.

IFC and FMO will loan up to €14 million to United Exports, supporting the fruit logistics company’s strategy to adopt frost resistant blueberry varieties and expand its blueberry orchards to frost free areas, including to the Western Cape region.

About a third of the funding is solely dedicated to climate-smart agriculture practices and will help the company adopt drip irrigation systems and water meters, among other measures.

”FMO is proud to once again support United Exports to increase financial inclusion across South Africa’s agricultural landscape by investing in the country’s emerging blueberry industry,” said FMO director of agribusiness, food and water, Pieternel Boogaard. ”This transaction aligns perfectly with our agri strategy to support sustainable growth with both climate change adaptation and development impact.”

”IFC’s longstanding support for United Exports aligns with our strategy to help promote climate-smart agribusiness, create jobs and enhance women’s participation in management in South Africa,” said IFC country manager for South Africa, Adamou Labara. ”This project will play a key role in helping to position South Africa as an emerging blueberry production hub.”

The investment builds on the €30 million in funding IFC, FMO, and the Investment Fund for Developing Countries (IFU) provided to United Exports in 2018 to help the company create jobs and boost exports. IFC and FMO also each provided a €1.5 million loan to support the company weather the effects of Covid-19.