Afreximbank's Fund for Export Development in Africa (FEDA) invests in Mauritania's leading FMCG company TND SA to develop local poultry and dairy production
Kigali, Rwanda (ots/PRNewswire)
African Export-Import Bank (Afreximbank) has announced an investment by the Fund for Export Development in Africa (FEDA), its development impact-oriented subsidiary, into TND SA, a leading FMCG Company in Mauritania.
This investment will help to diversify TND's business beyond importation to include integrated manufacturing of dairy and poultry products, in a bid to replace imports with locally produced foods, thereby positioning the Company to become a regional player in the medium term.
Given Mauritania's reliance on imports for its food needs, this investment presents an opportunity to develop local manufacturing capacity, positively impacting the balance of trade, to promote industrialization and to create new jobs along the value chain.
Founded in 2005, TND SA is one of the largest homegrown importer and distributor of goods and consumer products in Mauritania. TND's operations include wholesale and retail of food imports as well as various logistics services.
Professor Benedict Oramah, President and Chariman of the Board of Directors of Afreximbank, commented: "Foreign Direct investments in Mauritania's corporates are few and far between and this landmark transaction highlights FEDA's strong commitment to provide development impact and attract Foreign Direct Investments in all geographies across the continent. Afreximbank, through FEDA, is pleased to do so in particular in Mauritania, one of the first Afreximbank member states to join FEDA. This investment is a demonstration of one of the benefits of this membership."
Yann Rogombe, FEDA Investment Director, commented: "We are pleased to partner with TND SA sponsor and management and to support the Company to implement its growth plan. This investment will have a significant developmental impact on the agri-food value chain in Mauritania and position the Company as a fully integrated regional player."
Telmidy El Najim Driss, TND SA Chairman and CEO, added: "We are delighted to have FEDA as an investor and partner. This investment reflects the willingness of both parties to develop the agri-food value chain in Mauritania and will also take the Company to a new level and a new phase of growth. I am confident in the company's development prospects, assisted by our partner FEDA, and we aim to become a leading player in the region in the years to come, thus contributing to food self-sufficiency in Mauritania and the region."
FEDA pursues a multi-sector investment strategy along the intra-African trade, value-added export development and manufacturing value chain which includes financial services, technology, consumer and retail goods, manufacturing, transport & logistics, agribusiness, as well as ancillary trade enabling infrastructure such as industrial parks, in Afreximbank's member states.
About Afreximbank
African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution mandated to finance and promote intra-and extra-African trade. Afreximbank deploys innovative structures to deliver financing solutions that support the transformation of the structure of Africa's trade, accelerating industrialization and intra-regional trade, thereby boosting economic expansion in Africa. At the end of 2020, the Bank's total assets and guarantees stood at US$21.5 billion, and its shareholder funds amounted to US$3.4 billion. Afreximbank disbursed more than US$42 billion between 2016 and 2020. The Bank has ratings assigned by GCR (international scale) (A-), Moody's (Baa1) and Fitch (BBB-). The Bank is headquartered in Cairo, Egypt.
For more information, visit: www.afreximbank.com.
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Media Contacts
Amadou Labba Sall Manager, Communications & Events, Afreximbank
Emmanuel Assiak Acting Chief Executive Officer, FEDA
Yann Rogombe Investment Director, FEDA
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Contact:
Amadou Labba Sall,
+201205320254