IFC approves funding for Tanzanian glass container manufacturer

The International Finance Corporation (IFC) has disclosed a $10 million working capital loan for Kioo Limited, a glass container manufacturing business based in Dar es Salaam, Tanzania.

The loan will go towards long-term working capital funding, and necessary equipment maintenance and upgrades, to help to mitigate the impact of the Covid pandemic on Kioo.

Kioo is wholly owned by African Developments Limited, an associate of the Madhvani Group, based in Uganda and one of the leading business groups in East Africa with interests in Uganda, Rwanda, Tanzania, the Middle East and India across agribusiness, power, insurance, real estate, tourism, and other sectors.

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