Lubumbashi, Democratic Republic of Congo,
July 25, 2014 — IFC, a member of the World Bank Group, today announced
a loan of $18 million to Terra and African Milling Company Congo, to help
the company expand its maize farm and mill in Katanga, Democratic Republic
of Congo (DRC). By increasing production; Terra will be able to supply
maize locally at affordable prices; reducing imports and encouraging food
security in Southern DRC.
Maize meal is the staple food in Katanga with an estimated total demand
of at least one million tons per annum. Nearly all of Katanga province’s
maize grain and maize flour are imported today. Terra and the Africa Milling
Company Congo will use IFC’s financing to expand their maize farm from
1,500 hectares to 5,000 hectares by 2017. The company’s newly opened mill
will produce 100,000 tons of maize meal per annum at its full capacity.
Terra and Africa Milling Company Congo’s growth will create jobs in Katanga
province. The companies plan to hire about 300 additional local employees.
The company is also ensuring that benefits from the project are felt widely.
For example, it increased Katanga residents’ access to clean water and
lighting by installing boreholes and solar street lamps.
Rahim Dhrolia, the Managing Director of Terra and AMCC, said “IFC’s long-term
partnership will enable Terra and AMCC to realize our vision of supplying
local, affordable maize meal in Southern DRC. We are committed to
providing nutrition, creating jobs and improving living standards for the
people of Katanga”.
Oumar Seydi, IFC Director for Eastern and Southern Africa said, “IFC firmly
supports companies like Terra and AMCC, which can multiply food production
and create jobs to reduce poverty. As DRC continues to rebuild after conflict,
foreign direct investment will be most effective if it can expand beyond
the mining sector to help diversify the country’s economy. IFC and
Terra would like to send a strong signal to international investors that
agribusiness provides excellent business opportunities in DRC, and has
the power to transform local lives.”
The largest country by area in sub Saharan Africa, DRC has over 80 million
hectares of fertile and arable land, and 52 percent of all fresh water
resources on the continent. At full capacity, the agricultural potential
of the country could feed one billion people. Yet, approximately
one-third of the food consumed in DRC is imported. The Government
of the DRC has made agriculture the centerpiece of its economic development
Promoting agribusiness is a key priority for IFC, especially in the face
of growing challenges of food security in Africa. In its fiscal year ending
June 2013; IFC invested $1 billion in the agribusiness value chain in Africa.
The corporation aims to double this investment volume by 2018.
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
About Terra and African Milling Company Congo
Terra and Africa Milling Company Congo are an integrated maize farm and
maize flour milling operation in Katanga, [sponsored by Vinmart Group in
DRC and Rai Group in Kenya]. Terra has a 10,000 ha maize farming
concession and started operations in 2007. African Milling Company
Congo is a maize mill with 336 tons-per-day maize input capacity in Lubumbashi.