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(Ecofin Agency) – The International Finance Corporation (IFC) announced, on March 31, a US$5 million loan to soft drink manufacturer Kings Beverages. This is the first commitment being made by the IFC to the country’s agribusiness sector.
Half of the loan announced was provided by the IFC while the remaining half was granted by the Global Agriculture, Food and Food Security Program (GAFSP).
“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,” commented déclaré Kishore Kumar Parwani, CEO of Kings Beverages.
The loan was approved by the IFC board in November 2021. It was requested by Kings Beverages, founded by Indian-born entrepreneurs Kishore Kumar Parwani and Atul Nijhawan, to support its expenses and finance its expansion into the Sierra Leonean market.
Thanks to the funds released, Kings Beverages will complete the construction of its water and soft drink production factories, introduce new product lines and expand its workforce to 250 people in the next three years. The firm will also increase the number of its local fruit suppliers from 40 to 150 by 2025.
Besides the loan, Kings Beverages will benefit from IFCs advisory services. In Sierra Leone, the agribusiness sector employs close to 60% of the national workforce and makes a significant contribution to GDP.
Chamberline MOKO
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