One of the leading beverage companies in Sierra Leone on Thursday March 31, 2022 signed a US$5m loan agreement with International Finance Corporation (IFC) of World Bank Group.
The signing of the agreement brings together stakeholders of the two contracting parties at the World Bank office on Spur Road in Freetown. The Regional Vice President of Africa IFC did his signing virtually and other dignitaries also joined him on zoom to witness the signing process.
The US$5m loan agreement would help Kings Beverages, a Sierra Leonean producer of soft drinks and fruit juices, to boost production, create jobs, and strengthen local agriculture value chains through increased sourcing from local farmers.
The US$5 million loan, which includes US$2.5 million from IFC and US$2.5 million from GAFSP, the Global Agriculture Food and Security Program, will enable Kings to complete construction of its factory in Freetown, introduce new fruit juice products, and double its number of employees to 250 over the next three years.
The company, which runs Sierra Leone’s largest automated beverage plant, will also increase its sourcing from 40 to 150 local fruit farmers by 2025. The expansion is also projected to create 2,600 induced and indirect jobs throughout the agriculture value chain in Sierra Leone.
The Regional Vice President of IFC Africa, Sergio Pimenta said that the signing of the agreement is the beginning of a partnership between Kings Beverages and IFC and more financing opportunities.
He added that Sierra Leone is an important country for IFC, they have been present for a very long time in the country especially during the Ebola and the current Coronavirus pandemic adding that the country had shown resilience during these trying times.
Pimenta added that it would be a huge investment in the country that would contribute to economic growth adding that the private sector is important towards the growth of Africa and Sierra Leone considering 60% of Sierra Leoneans are engage in Agriculture.
“Kings Beverages would shift the economy from just producing goods and be exporting them without significant added value but what you are doing in a modern way is to add more value for economic growth. This is a model that is very important in Sierra Leone and we are very happy to support,” Pimenta said.
The Chief Executive Officer of Kings Beverages, Kishore Kumar Parwani said that they would ensure that the company outgrow other competitors in the market with standard production adding they would ensure that production is sustainable by involving local farmers and virgin lands are going to be cultivated in order to increase plantations.
By George M.O. Williams