IFC Provides Financing Package to Cameroon’s First African Company
The International Finance Corporation (IFC), a member of the World Bank Group, has announced a partnership with First African Company SA (FAC) to enhance local manufacturing of affordable dairy products and fruit juices in Cameroon. The partnership aims to address food security concerns while promoting economic growth. IFC’s €2 million financing package will support FAC’s expansion, which includes a loan of €1 million from IFC and another €1 million through the Canada Facility for Resilient Food Systems. This investment is expected to increase production capacity and improve access to nutritious foods, particularly in rural and underserved areas.
The partnership is set to create over 1,000 direct and indirect jobs, empowering local communities, especially women and youth, in the agribusiness value chain. With this project, FAC will introduce new yogurt products, expand its juice offerings, and make affordable, high-quality food products more accessible to Cameroonians. The initiative aligns with Cameroon’s National Development Strategy 2020-2030, which emphasizes food security, local production, and job creation.
IFC’s investment also aims to strengthen FAC’s environmental and social practices by supporting food safety improvements and ensuring alignment with global best practices. Martin Ngouchet, CEO of FAC, highlighted that the partnership marks a milestone in the company’s mission to close the nutrition gap and contribute to the economic development of Cameroon. The expanded production will help reduce Cameroon’s dependency on food imports and bolster its food processing industry, thereby enhancing local competitiveness.
IFC has long been committed to stimulating private sector growth in Cameroon, focusing on sectors such as agribusiness, manufacturing, and infrastructure. With a portfolio commitment of $238 million as of November 2024, IFC continues to support projects that create jobs, enhance food security, and improve climate resilience in the country. The FAC partnership is a significant example of how private sector investment can drive positive social and economic change.
Source: Africacapital