Tunis, Tunisia, June 23, 2015—IFC,
a member of the World Bank Group, is providing a loan package worth up
to $26 million to one of Tunisia's leading olive oil producers, part of
an effort to spur economic growth across the North African country.
The long-term financing package will
help Sfax-based CHO ramp up production of branded and break into new export
markets. The project is expected to benefit local olive mills and farmers,
CHO’s main suppliers, and support the development of Tunisia’s olive
oil sector, a key employer in rural areas and a potentially lucrative source
of foreign currency.
"This financing from IFC will help
CHO continue its expansion, enhancing the image of Tunisian olive oil internationally
and providing invaluable support to the olive oil sector locally,"
said Abdelaziz Makhloufi,
founder and CEO of CHO.
IFC’s investment is also designed to
help bolster investor confidence in Tunisia, which has struggled economically
since the Arab Spring.
"Tunisia’s economy is brimming
with potential," said Mouayed Makhlouf, IFC Director for the Middle
East and North Africa. "IFC is aiming to help realize that promise
by investing in industry-leading companies like CHO, creating jobs and
supporting broad-based economic growth in the process.”
During this fiscal year, IFC has committed
$62 million in Tunisia, supporting smaller businesses, technology firms,
and the agriculture sector. That work is part of a broader IFC effort in
the Middle East and North Africa to create jobs and bring opportunity to
those who need it most.
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 about 100 countries,
we use our capital, expertise, and influence to help eliminate extreme
poverty and boost shared prosperity. In FY14, we provided more than $22
billion in financing to improve lives in developing countries and tackle
the most urgent challenges of development. For more information, visit