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Uganda : BIDCO bags loan from IFC, worth Sh3.3b

July 19, 2014

Bidco Oil Refineries announced about receiving a $36.5 million (Sh3.3 billion) loan from a World Bank agency which would be placed in extra capacity and new business.

As per Vimal Shah, Chief Executive said the funds from the International Finance Corporation (IFC), the lending arm of the World Bank would allow the Thika-based edible oil maker Bidco for giving more chances to small-scale farmers.

Shah stated during the signing ceremony of the loan agreement in Nairobi recently, "Bidco intends to expand its capacity in the production of soft detergents, agri-processing, and food and drinks processing,".

Furthermore, German Vegarra, IFC's regional head of manufacturing, agribusiness and services for Sub-Saharan Africa, also added that, with the impulsive firms like Bidco, which have the potential to turn into pan-African, while benefitting small scale farmers and expanding choices for consumers, they were curious to collaborate.

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Source: TendersInfo (India)

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