The International Finance Corporation (IFC), a member of the World Bank Group, last Wednesday formalised an agreement to invest €2.4 million Euros into the equity of Société Ivoirienne de Productions Animales S.A (SIPRA), leading company in Cote d’Ivoire’s poultry industry.
The cash injection will help to support SIPRA’s expansion program, and will help in creating job opportunities, increasing the food supply and supporting growth in the country, after years of political unrest. as Cote d’Ivoire.
The €2.4 million Euro investment will be used by SIPRA in increasing their poultry meat and egg output, increasing the number of it's retail outlets, boosting day-old chick output and increasing it's feed mill capacity.
At the moment, SIPRA sources it's feed ingredients from over than 20,000 local grain farmers and it supplies day-old chicks and poultry feed to over 2000 poultry farmers in the country. These numbers are expected to greatly increase after the investment allows SIPRA to finish its expansion plans.
Jean Marie Ackah, President of SIPRA said "IFC’s backing will help SIPRA adopt international best practices and transform us into a regional champion, and a leading food company in West Africa. IFC’s investment is a sign of confidence in the Ivorian economy and in the private sector’s potential."
IFC’s Director for West and Central Africa, Yolande Duhem, stated, "IFC’s investment in SIPRA aims to help West Africa’s agribusiness sector become more competitive, which is vital to the development of the region’s economy. SIPRA’s linkages program aims to integrate local farmers and businesses in the company’s production and sales process, creating a large source of rural income."