Société Nouvelle de Commerce, a food group based in Guinea in west Africa, is to get a loan from the International Finance Corporation to invest in production.
The company, also known as Sonoco, will use the US$25m loan to help fund the building of grain silos in Conakry, Guinea’s capital. It will also “ramp up” production of wheat flour and bouillon cubes, a statement released by the IFC said today (17 July).
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
“This investment from IFC is an important step in realising the potential of Guinea’s food-processing sector. Sonoco will provide affordable, high-quality food products to Guineans, while creating new job opportunities for them,” Aboul Karim Diallo, Sonoco’s deputy general manager, said in the release.
The IFC – a sister organisation of the World Bank – said the project is “designed to spur the development of food processing in Guinea” and help “diversify the country’s economy away from the dominant mining sector”.
