Sudanese firm secures $60m loan from AFDB for agricultural expansion
December 21, 2019 (KHARTOUM) – Sudanese agriculture group has secured a $60 million loan from the African Development Bank to finance the expansion of its agriculture and food projects.
Elnefeidi Group Holding Company LLC, based in Khartoum, Sudan, is an umbrella organisation operating in a wide range of sectors including agriculture projects managed by two firms: Inmaa Poultry and Feed Production Company and Africa Food Industry S.A (AFISA) for food processing particularly the production of wheat flours.
In a statement released on Thursday 19 December, the African Development Bank’s Board of Directors has approved a $60m loan to Elnefeidi Group Holding Company for its long-term agriculture and food expansion programme said a statement released by the regional bank.
“The planned expansion includes increasing agricultural productivity, enhancing related infrastructure, food processing and distribution. It will directly contribute in developing Sudan’s livestock value chain (poultry and beef) by increasing the country’s export capacity for value-added livestock products,” reads the statement.
“This will help reduce the economic value that the country loses by exporting millions of live animals each year,” further stressed the bank which is part of the Friends of Sudan group to support the transitional government.
“Agricultural transformation is one of the Bank’s top five strategic priorities and the Bank is delighted to have identified a viable private sector actor like Elnefeidi Group which has a proven track record and through which we can channel the Bank’s support,” said Atsuko Toda, African Development Bank Director for Agriculture Finance and Rural Development.
the development of agricultural transformation is one of the top priorities identified by the Sudanese minister of finance and economic planning to create jobs and increase exportations that generate hard currency and straighten its national economy.
(ST)