IFC Injects $20m in Food Concepts
- By Simeon Ogoegbulem
- Published July 19th, 2011
- News
- Unrated
The International Monetary Fund (IMF) has announced the investment of $20 million (about N3.2 billion) in Food Concepts Plc, an emerging big player in quick-service restaurant and bakery industry in the West African sub-region.
While the International Finance Corporation(IFC) will invest a total of $13 million (about N2.080 billion) as investment equity, the member of the World Bank Group will advance the balance of $7 million (about N1.120 billion as loan facility to the emerging food giant. According to IFC, the investment is to help Food Concepts improve its social, safety and corporate governance standards and expand operations in Ghana and Nigeria. The investment will also help the food company to develop about 40 new quick-service restaurants, double bakery production and establish a poultry production farm in Nigeria. BusinessWorld Intelligence can disclose that Food Concepts’ expansion plan is expected to create hundreds of jobs. The expansion plan would equally benefit a number of smaller businesses in its supply chain.
Deji Akinyanju, founder and chief executive officer of Food Concepts, stated that IFC’s long-term capital and loan will allow Food Concepts to implement its long-term growth strategy.
Akinyanju also expressed strong optimism that IFC’s global expertise will also enable his outfit to become a leading regional quick service restaurant and bakery operator, using best practices in corporate governance, insurance, financial management, and environmental and social matters. In his remarks, Solomon Adegbie-Quaynor, IFC country manager for Nigeria, noted that IFC’s investment in Food Concepts underscores its commitment to supporting Nigeria’s private sector, especially the small and medium enterprises (SME) sector.
Adegbie-Quaynor also noted that IFC partnership with Food Concepts will also help develop reliable food supply chains and strengthen the competitiveness of West Africa’s agribusiness and food-processing sectors, which according to him, are vital to the region’s development.
Supporting small and medium enterprises and agribusiness are key priorities for IFC in Africa, since these sectors account for the bulk of employment on the continent. Across Africa, IFC is supporting projects across the food supply chain, including processing, logistics, and distribution. IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in developing countries. IFC strives to create opportunity for people to escape poverty and improve their lives through the provision of financing to help businesses employ more people and supply essential services, by mobilizing capital from others, and by delivering advisory services to ensure sustainable development.
While the International Finance Corporation(IFC) will invest a total of $13 million (about N2.080 billion) as investment equity, the member of the World Bank Group will advance the balance of $7 million (about N1.120 billion as loan facility to the emerging food giant. According to IFC, the investment is to help Food Concepts improve its social, safety and corporate governance standards and expand operations in Ghana and Nigeria. The investment will also help the food company to develop about 40 new quick-service restaurants, double bakery production and establish a poultry production farm in Nigeria. BusinessWorld Intelligence can disclose that Food Concepts’ expansion plan is expected to create hundreds of jobs. The expansion plan would equally benefit a number of smaller businesses in its supply chain.
Deji Akinyanju, founder and chief executive officer of Food Concepts, stated that IFC’s long-term capital and loan will allow Food Concepts to implement its long-term growth strategy.
Akinyanju also expressed strong optimism that IFC’s global expertise will also enable his outfit to become a leading regional quick service restaurant and bakery operator, using best practices in corporate governance, insurance, financial management, and environmental and social matters. In his remarks, Solomon Adegbie-Quaynor, IFC country manager for Nigeria, noted that IFC’s investment in Food Concepts underscores its commitment to supporting Nigeria’s private sector, especially the small and medium enterprises (SME) sector.
Adegbie-Quaynor also noted that IFC partnership with Food Concepts will also help develop reliable food supply chains and strengthen the competitiveness of West Africa’s agribusiness and food-processing sectors, which according to him, are vital to the region’s development.
Supporting small and medium enterprises and agribusiness are key priorities for IFC in Africa, since these sectors account for the bulk of employment on the continent. Across Africa, IFC is supporting projects across the food supply chain, including processing, logistics, and distribution. IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in developing countries. IFC strives to create opportunity for people to escape poverty and improve their lives through the provision of financing to help businesses employ more people and supply essential services, by mobilizing capital from others, and by delivering advisory services to ensure sustainable development.
