Lagos, Nigeria, February 17, 2010—
IFC, a member of the World Bank Group, announced today it will invest in Nigerian fast food restaurant Tantalizers to help the company expand operations and improve environmental and safety standards, increasing the availability of convenient and affordable food in the country’s fast-growing urban areas and enhancing industry standards.
IFC will provide a loan of $7 million and invest $1.5 million in the equity of the company. Tantalizers will use the funds to renovate 15 existing outlets and open four new outlets, improving outlet and food quality standards. IFC will also advise the company on how to improve environmental, social, safety, and corporate governance standards.
“IFC’s support will enable Tantalizers to grow and improve operations at a time when many companies are facing difficulty accessing bank loans and raising equity in local capital markets,” said Bose Ayeni, Managing Director of Tantalizers. “The partnership with IFC will strengthen Tantalizers’ capital position and enable us to meet the growing demand for convenient, safe, and affordable food in Nigeria’s urban cities.”
IFC’s investment will help address the difficulty many Nigerian companies are facing accessing loans and capital, while helping create jobs and supporting the country’s sustainable economic growth.
“Our partnership with Tantalizers reflects IFC’s commitment to supporting strong local companies in the agribusiness value chain, a cornerstone of Nigeria’s economy,” said Solomon Adegbie-Quaynor, IFC’s Country Manager for Nigeria. “IFC will continue to seek economically viable investments that support the quick service restaurant business, including in areas such as cold storage and poultry production.”
IFC is the only international financial institution focused exclusively on the private sector, the engine of sustainable development in emerging markets. Along with IBRD, it is currently seeking a capital increase to strengthen its ability to create opportunity for the poor in developing countries—including by supporting the growth of businesses in Africa.
About IFC
IFC, a member of the World Bank Group, creates opportunity for people to escape poverty and improve their lives. We foster sustainable economic growth in developing countries by supporting private sector development, mobilizing private capital, and providing advisory and risk mitigation services to businesses and governments. Our new investments totaled $14.5 billion in fiscal 2009, helping channel capital into developing countries during the financial crisis. For more information, visit
www.ifc.org
.
