Dakar, Senegal, February 24, 2014
—IFC, a member of the World Bank Group, today announced a EUR5 million loan, to Societe Industrielle Agro-Alimentaire, a leading beverage company in Senegal. The investment will help SIAGRO grow operations in West Africa, expand employment, and increase business opportunities for farmers and distributors.
SIAGRO owns one of the leading mineral water brands, Kirene, with over 70 percent market share in Senegal. The company also produces nectar juice under the Pressea brand, and UHT milk under the Candia brand. SIAGRO recently launched the bottling of Minute Maid juice under license from The Coca-Cola Company. SIAGRO is one of the largest employers in Senegal’s Thies region, with 350 workers of whom a fifth are women.
Alexandre Alcantra, CEO of Kirene, said, “IFC’s long term loan will allow SIAGRO to efficiently implement its growth strategy. IFC’s global expertise will enable us develop into a leading regional company implementing best practices in corporate governance, insurance, financial management, and environmental and social matters.”
The agribusiness sector is a key strategic priority for IFC, especially in the face of the growing challenge of food security in Africa. The sector employs over 70 percent of Africa’s labor force, and has a strong impact on micro, small and medium-sized enterprises.
“IFC’s investment will help create more than 450 additional jobs in a region that needs more employment and economic development,” said Saran Kebet-Koulibaly, IFC’s Director for West and Central Africa. “Our partnership with SIAGRO will also help provide a wider distribution of affordable juices for the population in Senegal and in West Africa.”
IFC’s committed portfolio in Senegal is approximately $80 million, including investments in the manufacturing, agribusiness, and financial sectors. IFC’s Advisory Services team provides support across access to finance, investment climate, sustainable business, and public-private partnerships in infrastructure to help build a stronger private sector.
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. Working with private enterprises in more than 100 countries, we use our capital, expertise, and influence to help eliminate extreme poverty and promote shared prosperity. In FY13, our investments climbed to an all-time high of nearly $25 billion, leveraging the power of the private sector to create jobs and tackle the world’s most pressing development challenges. For more information, visit