Mauritania: Afreximbank’s FEDA invests in FMCG company
The African Export-Import Bank (Afreximbank) has announced an investment by the Fund for Export Development in Africa (FEDA), its development impact-oriented subsidiary, into TND SA, a leading FMCG company in Mauritania.
This investment will help to diversify TND’s business beyond importation to include integrated manufacturing of dairy and poultry products, in a bid to replace imports with locally produced foods, thereby positioning the company to become a regional player in the medium term.
Given Mauritania’s reliance on imports for its food needs, this investment presents an opportunity to develop local manufacturing capacity, positively impacting the balance of trade, to promote industrialisation and to create new jobs along the value chain.
Founded in 2005, TND is one of the largest homegrown importers and distributors of goods and consumer products in Mauritania. TND’s operations include wholesale and retail of food imports as well as various logistics services.
Professor Benedict Oramah, president and chairman of the board of directors of Afreximbank commented, “Foreign direct investments in Mauritania’s corporates are few and far between and this landmark transaction highlights FEDA’s strong commitment to provide development impact and attract foreign direct investments in all geographies across the continent. Afreximbank, through FEDA, is pleased to do so in particular in Mauritania, one of the first Afreximbank member states to join FEDA. This investment is a demonstration of one of the benefits of this membership.”
Telmidy El Najim Driss, TND chairman and CEO added, “We are delighted to have FEDA as an investor and partner. This investment reflects the willingness of both parties to develop the agri-food value chain in Mauritania and will also take the company to a new level and a new phase of growth. I am confident in the company’s development prospects, assisted by our partner FEDA, and we aim to become a leading player in the region in the years to come, thus contributing to food self-sufficiency in Mauritania and the region.”
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