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[July 18, 2014]
United States : IFC Supports Expansion of BIDCO, Kenya s Leading Agribusiness & Consumer Goods Company [TendersInfo (India)]
(TendersInfo (India) Via Acquire Media NewsEdge) IFC, a member of the World Bank Group, is lending $36.5 million in BIDCO to support expansion of the company s consumer goods operations into new market categories and create more opportunities for small farmers to enhance productivity and earn better incomes.
BIDCO is a top-ranking Agribusiness player in Africa s consumer goods sector, producing over 40 different brands of edible oils, bakery fats, shortening agents, margarines, detergents, soaps and animal feeds. Bidco is active in 16 countries across Africa and in has over $500 million in annual revenues in East Africa.
Inclusive growth and sustainability programs are the foundation of BIDCO s business strategy. The company has over 30,000 farmers registered on its rolls, with about 10,000 farmers selling their oil seeds and produce to the company. These farmers are given training and assistance to enhance their productivity. At the other end of the value chain, Bidco promotes entrepreneurship and growth among small and large retailers, traders, suppliers and distributors with cashless trading facility and using technology for supply management that ensures quick deliveries. BIDCO also has a strong corporate social responsibility program. It provides free food and hygiene products to various charities all through the year; sponsors education for girls and actively participates in community programs through its peer educators group.
Bidco s Executive Director, Tarun Shah said, Bidco has been expanding steadily to meet consumer demand for food and household products across Kenya and Africa. IFC s investment will enable us to set up new manufacturing plants in Kenya, create new employment for many Kenyans and benefit local suppliers, distributors and the consumers in Kenya & Africa.
German Vegarra, IFC s Regional Head of Manufacturing, Agribusiness and Services for Sub-Saharan Africa said, IFC is eager to partner with dynamic companies like BIDCO, which have the potential to become Pan African, while benefitting smallholder farmers and expanding choices for consumers with health benefits.
Agribusiness is a strategic priority for the IFC in light of the growing challenges of food security in Africa and worldwide. Agriculture accounts for nearly half of the continent s GDP, and employs 60 percent of the labor force. The World Bank Group estimates that by 2030, agriculture could develop into a US$ 1 trillion industry in Sub-Saharan Africa. BIDCO s efforts in pushing the growth of agribusiness in Africa will ensure the continent s well-being in the future.
IFC is expanding efforts to support agribusinesses through increased investments combined with advisory services. In its fiscal year ending June 2013; IFC invested $1 billion in agribusiness in Africa. The corporation aims to double this investment volume by 2018.
(c) 2014 Euclid Infotech Pvt. Ltd. Provided by SyndiGate Media Inc. (Syndigate.info).
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