Rabat, Morocco, November 12, 2013—IFC,
a member of the World Bank Group, is making an equity investment in Zalagh
Holding, a leading grain trading and poultry group, to help create jobs
and encourage economic development in rural Morocco.
IFC’s $24 million investment in Zalagh
will support the company as it expands and creates new jobs, including
those for women. The expansion will also help generate indirect employment
in rural areas, where Zalagh is a key economic player.
"This agreement will support our
strategy to become a major player in a rapidly expanding sector and strengthen
our integrated value chain,” said Ali Berbich, Chairman of the Management
Board of Zalagh Holding. “As well, IFC will bring with it its agribusiness
expertise and its extensive experience in optimizing corporate governance
and institutionalizing family businesses.”
This investment is part of the IFC strategy
in Morocco to support the manufacturing and agribusiness sectors.
"Supporting the development of
Zalagh Holding is part of our effort to spur job creation and promote sustainable
growth in rural areas of Morocco,” said Guy Ellena, Director of IFC’s
Manufacturing, Agribusiness and Services Department in Eastern and Southern
Europe, Central Asia, the Middle-East, and North Africa. “We are excited
to partner with a company with such an extensive experience and a reputation
for supporting communities.”
The project will also support the growth
of the poultry industry and promote the use of top-notch environmental
and health standards.
Zalagh Holding is embarking on an ambitious
350 million Moroccan dirham expansion over the next three years. It is
planning to ramp up production of animal feed, increase its supply of chickens
and turkeys, and build poultry farms across the country.
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 www.ifc.org
About Zalagh Holding
Zalagh Holding is the first integrated
group in the poultry industry in Morocco. It covers the whole value chain
of the poultry sector. Founded in 1974 by Mohammed Chaouni and subsequently
developed by Fouad Chaouni, the group recently launched an ambitious strategy,
mainly through mergers and acquisitions, to diversify and integrate its
activities and become the largest integrated poultry player in Morocco.
Zalagh Holding employs more than 1,700 people and has 15 subsidiaries.
It is organized across five key business segments: import of agricultural
raw materials, animal feed, hatching, breeding, slaughtering of poultry
and production of finished poultry meat products.