Abidjan, Cote d’Ivoire , June 12, 2012
— IFC, a member of the World Bank Group, today signed an agreement to
invest €2.4 million in the equity of Société Ivoirienne de Productions
Animales S.A (“SIPRA”), the leader of the Ivorian poultry industry through
its brands: Coqivoire, Ivograin and Ivoire poussins. The investment will
support SIPRA’s expansion program, creating jobs, increasing food supply
and supporting growth, as Cote d’Ivoire rebuilds its economy following
IFC’s €2.4 million investment will be used by SIPRA towards boosting
poultry meat and egg production, adding retail outlets, increasing day-old
chick production and feed mill capacity.
At the same time, IFC Advisory Services will help SIPRA strengthen operations
by offering strategic advice on corporate governance, environmental and
social standards, improvements in efficiency and productivity, and supply
chain capacity building,.
IFC and SIPRA will develop a Linkages Program and Community Investment
Strategy targeted at farmers and small and medium businesses who work with
SIPRA. Currently, SIPRA purchases raw materials for feed from more
than 20,000 grain farmers and sells day-old chicks and feed to more than
2000 poultry farmers. These numbers are expected to increase after SIPRA
completes its expansion.
“IFC’s backing will help SIPRA adopt international best practices and
transform us into a regional champion, and a leading food company in West
Africa. IFC’s investment is a sign of confidence in the Ivorian economy
and in the private sector’s potential.” said Jean Marie Ackah, the President
Yolande Duhem, IFC’s Director for West and Central Africa, said, “IFC’s
investment in SIPRA aims to help West Africa’s agribusiness sector become
more competitive, which is vital to the development of the region's economy.
SIPRA’s linkages program aims to integrate local farmers and businesses
in the company’s production and sales process, creating a large source
of rural income.”
The agribusiness sector is a key strategic priority for the IFC, especially
in the face of the growing challenges of food security in Africa. IFC’s
investment in SIPRA reflects
the organization’s commitment to viable local companies that can become
more efficient, increasing food security and creating greater rural income
opportunities for the populations.
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 www.ifc.org