IFC backs beverages company in Sierra Leone

01 Apr 2022

SIERRA LEONE – Kings Beverages, a soft drinks and fruit juices producer in Sierra Leone, has received a US$5m financial backing from international financial institution, IFC, and the Global Agriculture Food and Security Program, GAFSP.

The loan, comprising of US$2.5m from IFC and US$2.5m from GAFSP will be channelled towards completion of the company’s factory in Freetown.

This will enable King Beverages increase its production capacity and introduce new fruit juice products.

Launched in 2020 during the COVID-19 pandemic, the non-alcoholic beverages manufacturer provides clean mineral drinking water, fruit juices and carbonated soft drinks to the local market.

The investment will also double its number of employees to 250 over the next three years and strengthen the local agriculture value chains through increased sourcing from local farmers.

It is targeted that the beverage maker will increase its sourcing from 40 to 150 local fruit farmers by 2025.

Overall, the expansion is projected to create 2,600 induced and indirect jobs throughout the agriculture value chain in Sierra Leone. 

"IFC’s investment gives us the long-term financing we need to build our capacity to serve the fast-growing domestic market and develop a robust supply chain for a sustainable business,” said Kishore Kumar Parwani, CEO of Kings Beverages.

Being its first investment in Sierra Leone’s agribusiness sector, IFC will complement its financial backing with advisory services to strengthen Kings’ occupational health and safety practices, financial and social management, corporate governance, and resource-use efficiency.

Additionally, IFC will help build the capacity of smallholder farmers in food safety, environmental and social standards, and productivity. 

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