SENEGAL: Société Industrielle Agro-Alimentaire granted EUR5m loan
Senegal's Société Industrielle Agro-Alimentaire has secured a EUR5m (US$6.9m) loan to help boost its presence across west Africa.
The company, which owns the Kirene mineral water brand, learned earlier this week that the World Bank’s International Finance Corporation (IFC) has pledged the loan, which will “help SIAGRO grow operations in west Africa, expand employment, and increase business opportunities for farmers and distributors.”
IFC west & central Africa director Saran Kebet-Koulibaly said the move would create “a wider distribution of affordable juices for … Senegal and … west Africa”, creating 450 jobs.
SIAGRO commands a 70% share of Senegal's soft drinks market. It also produces Pressea nectar juice and started bottling Minute Maid juice in the country last month under licence from The Coca-Cola Co.
The company employs 350 people in western Senegal’s Thiès region.
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