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Cote Dlvoire,Sudan : African Development Bank approves $60 million loan to support Elnefeidi Groups agricultural expansion
Publish Date : 23-Dec-2019
The African Development Banks Board of Directors has approved a $60m loan to Elnefeidi Group Holding Company to help finance its long-term agriculture and food expansion programme.
The planned expansion includes increasing agricultural productivity, enhancing related infrastructure, food processing and distribution. It will directly contribute in developing Sudans livestock value chain (poultry and beef) by increasing the countrys export capacity for value-added livestock products. This will help reduce the economic value that the country loses by exporting millions of live animals each year.
Agricultural transformation is one of the Banks top five strategic priorities and the Bank is delighted to have identified a viable private sector actor like Elnefeidi Group which has a proven track record and through which we can channel the Banks support said Atsuko Toda, African Development Bank Director for Agriculture Finance and Rural Development.
The loan is expected to contribute significantly to food security, food import substitution, and household incomes by creating jobs and increasing local productivity and distribution by over half a million metric tonnes each year across several countries. Elnefeidi Group employs over 1,842 people and has distribution networks covering North, East and Central Africa.
This approval to Elnefeidi Group is another demonstration of the African Development Banks continued support and strong commitment to enable, deepen, and empower the private sector in Sudan, as an engine of economic and inclusive growth, said Raubil Durowoju, the Banks Country Manager for Sudan. This is also consistent with Sudans National Agriculture Investment Plan, which seeks to achieve agriculture-linked growth, largely through private investments.
Sudan is widely considered to hold immense food production potential. Sixty-three percent of its land area is classified as agricultural, and its competitive advantages include: a promising demographic profile, projected growth in household food demand, and proximity to a range of markets in Central Africa, North Africa and the Middle East, many of them food-deficit countries.
