Dakar, Senegal , November 17, 2011
— IFC, a member of the World Bank Group, today signed an agreement to invest €11 million in Senegal’s Patisen S.A to help the maker of processed foods expand its production and distribution capacities in West Africa, supporting growth in the region’s important agribusiness sector.
IFC is providing a financing package consisting of an equity investment of €2.5 million and a subordinated loan of €8.5 million to support Patisen’s expansion in West Africa. Patisen will use the IFC financing to increase its production capacity, establish a new factory and warehouse facilities, and diversify its product offering.
On top of its investment, IFC will help Patisen strengthen its operations by offering strategic advice, and advising on corporate governance, insurance, environmental, and social standards.
Youssef Omais, founder and CEO of Patisen, said, “This investment will enable us to implement our long-term regional growth strategy. IFC’s backing will help Patisen adopt international best practices and transform us into a regional champion.”
Yolande Duhem, IFC’s Director for Sub-Saharan Africa, said, “IFC’s investment and partnership with Patisen will help strengthen the competitiveness of West Africa’s agribusiness and food-processing sector, which is vital to the region's economy and an important part of IFC strategy in the region. The investment should increase employment opportunities, provide affordable processed food to low income consumers, and also benefit Patisen’s local small business suppliers and distributors.”
Patisen produces bouillon cubes and powder, chocolate spreads and margarine. In addition to food processing, Patisen runs a wholesale imported food distribution business which targets hotels, restaurants, and supermarkets.
The agribusiness sector is a key strategic priority for the IFC, especially in the face of the growing challenge of food security in Africa. The sector’s significance is further underscored because it employs a large percentage of Africa’s labor force, and has a strong impact on micro, small and medium-sized enterprises.
IFC’s investment in Patisen reflects the organization’s commitment towards supporting viable local companies that will help develop Senegal’s agribusiness value chain and increase food security.
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. We help developing countries achieve sustainable growth by financing investment, providing advisory services to businesses and governments, and mobilizing capital in the international financial markets. In fiscal year 2011, amid economic uncertainty across the globe, we helped our clients create jobs, strengthen environmental performance, and contribute to their local communities—all while driving our investments to an all-time high of nearly $19 billion. For more information, visit