World Bank Group member, IFC, and the Private Sector Window of the Global Agriculture and Food Security Program (GAFSP) have agreed to each invest $5 million in Malawi Mangoes to support the growth of its tropical fruit production and processing activities.
Through the Dutch state fund FOM-OS and simultaneously with the IFC investment, the Dutch development bank, FMO, will also invest $5 million to Malawi Mangoes.
Malawi Mangoes will be the first ever banana plantation in Africa to win Rainforest Alliance certification and the world's first mango plantation to secure this accreditation, on final certification, expected in the coming months.
The organization intends to boost operations and exports, creating more rural jobs and enhancing opportunities for farmers to supply fruit to the firm through its smallholder outreach and development programs.
Co- founders and Managing Directors of Malawi Mangoes, Jonathan Jacobs and Craig Hardie, said : "Malawi only needs investment and access to markets to become a regional leader in high-value horticultural production and processing. This investment by IFC and FMO, combined with the empowerment of local people, puts us on the path to our goal of becoming the leading agro-processing company on the African continent over the next five years."
IFC's Regional Head of Manufacturing, Agribusiness and Services, German Vegarra, added : "Malawi is one of the poorest countries in the world, and 80 percent of its citizens live in rural areas. Sustainable agribusiness is an opportunity for developing countries to diversify exports, generate foreign exchange, transfer core skills, create jobs, and reduce poverty."
Linda Broekhuizen, FMO's Chief Investment Officer noted : "With this new investment Malawi Mangoes can start benefiting from economies of scale while at the same time empowering local people thus having a tremendous positive impact on the local rural employment in Salima District."