Bamako, Mali, February 18, 2021 — IFC, a member of the World Bank Group, today announced the recent disbursement of a loan to support expansion at Mali's leading mango processor, Centre d'Étude et de Développement Industriel et Agricole du Mali (CEDIAM), helping the company increase farmers' access to markets and boost production and exports of the flavorful fruit.
IFC's loan will help CEDIAM complete upgrades to its production facility, purchase the equipment it needs to increase the number of mangoes it collects, and add up to 1,000 smallholder mango farmers to its already 2000-strong farmer supply chain. The funding will also support 300 direct and indirect jobs at CEDIAM.
IFC's investment of up to €2 million consists of a senior A loan of up to €1 million from IFC's own account and a concessional loan of up to €1 million from IFC in its capacity as implementing entity for the Private Sector Window of the Global Agriculture and Food Security Program (GAFSP).
The funds, which will also provide working capital for CEDIAM, are expected to boost the company's exports of mango puree and concentrate to Europe and other markets. IFC will also provide CEDIAM with advisory services to help it strengthen its corporate governance, and financial management, and environmental, and social risk management practices.
Farmers will be supported directly with training to improve their agricultural methods, not only in mango farming, but also in intercropping other varieties to boost their incomes. The advisory services support is co-funded by the Global Agriculture and Food Security Program (GAFSP)
"This partnership will help our company become more modern, sustainable, and profitable. It will positively impact local mango production and transformation in Mali and benefit all stakeholders in this value chain. It will also improve our corporate capacity and allow us to meet international market standards," said Diadié Sankaré, CEDIAM's chairman.
"IFC's partnership with CEDIAM will create jobs and strengthen Mali's important agriculture sector, which contributes significantly to the country's employment and GDP. The project also highlights how IFC and the World Bank are working together to support the resilience of job-creating, private sector companies in the Sahel region particularly during severe market challenges brought by COVID-19," said Aliou Maiga, IFC's Director for West and Central Africa.
IFC's investment is part of the World Bank-IFC joint implementation plan for agribusiness in Mali, which supports partnerships between smallholder farmers and agribusiness players. The World Bank-funded projects, through the Mali Support to Agro-Industrial Competitiveness Project (PACAM), aim to address infrastructure challenges by rehabilitating rural roads and building collection facilities.
The US$30 million PACAM program has already rehabilitated 300 kilometres of rural roads in fruit production areas in Mali and conducted campaigns to improve the quality of mangos for export.
"Expanding CEDIAM and increasing the competitiveness of Mali's mangoes internationally will create more opportunities and revenues for Malian farmers, one way that the World Bank Group is working to create markets and strengthen local rural economies in the country," said Soukeyna Kane, World Bank Country Director for Mali.
IFC's investment benefited from on-the-ground support and flexible funding from IFC's Fragile and Conflict-affected Situations (FCS) Africa Unit and its Conflict Affected States in Africa (CASA) initiative, which is supported by Ireland, the Netherlands, and Norway.
IFC—a member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2020, we invested $22 billion in private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity. For more information, visit www.ifc.org.
About the GAFSP
The Global Agriculture and Food Security Program (GAFSP) is a global effort that pools donor resources to fund programs focused on increasing agricultural productivity as a way to reduce poverty and increase food and nutrition security. The Private Sector Window, managed by IFC, and supported by the governments of Australia, Canada, Japan, the Netherlands, the United Kingdom and the United States, provides long- and short-term loans, credit guarantees, equity, and technical assistance to private sector companies and financial intermediaries. It links smallholder farmers to markets by improving their access to finance, technology, expertise and inputs.« Back to Member News