Nigerian Fintech Startup Youverify Secures $2.5 Million for Global Expansion
Nigerian identity verification platform Youverify has secured $2.5 million in pre-Series A funding.
March 15, 2024
New Investments
Pee Cee Holding Ltd Secures $12 Million IFC Investment to Establish Sierra Leone’s First Large-Scale Onion Farm
The International Finance Corporation (IFC) has announced a $12 million investment to support the creation of Sierra Leone’s first major commercial onion farm.
The project is being carried out in partnership with Pee Cee Holding Ltd. (PCH), one of the country’s leading business groups.
The funds will be directed to Pee Cee Agriculture (PCA), PCH’s agricultural arm, to set up a 500-hectare farm that will be fully irrigated and mechanized.
The funds will be directed to Pee Cee Agriculture (PCA), PCH’s agricultural arm, to set up a 500-hectare farm that will be fully irrigated and mechanized.
Once operational, the facility is expected to produce over 40,000 tons of onions each year, along with other crops such as maize and potatoes.
This initiative is seen as a significant step forward for Sierra Leone’s food production.
This initiative is seen as a significant step forward for Sierra Leone’s food production.
It aims to reduce the country’s reliance on onion imports and improve access to affordable, locally grown food. It will also provide jobs and training, with a focus on supporting rural women.
According to Mahesh Nandwani, CEO of PCH, the project shows that high-quality food production on a large scale is possible in Sierra Leone.
According to Mahesh Nandwani, CEO of PCH, the project shows that high-quality food production on a large scale is possible in Sierra Leone.
“With IFC’s backing, we are creating a model that strengthens food security, creates employment, and promotes sustainable farming,” he said.
In addition to funding, IFC has worked closely with PCA over the past four years to refine the farm’s design and operations.
In addition to funding, IFC has worked closely with PCA over the past four years to refine the farm’s design and operations.
This included providing technical guidance to improve efficiency and environmental performance.
Pilot projects conducted with IFC’s support saw onion yields increase significantly—up to ten times more than the national average.
Dahlia Khalifa, IFC’s Regional Director for Central Africa and Anglophone West Africa, highlighted the broader impact of the project:
Dahlia Khalifa, IFC’s Regional Director for Central Africa and Anglophone West Africa, highlighted the broader impact of the project:
“Developing sustainable agriculture is key to economic stability and food independence. This project sets a benchmark for commercial farming, not just in Sierra Leone but in the wider region.”
PCH, originally known as Pee Cee & Sons, has a strong presence in Sierra Leone’s consumer goods market.
PCH, originally known as Pee Cee & Sons, has a strong presence in Sierra Leone’s consumer goods market.
It plans to use its distribution network to bring the farm’s produce directly to local markets. The company’s other subsidiaries, including Milla Group and Jolaks Manufacturing, have already shown success in manufacturing and innovation.
This new agricultural venture reflects PCH’s commitment to sustainable growth and aligns with IFC’s aim to promote inclusive private sector development across Africa.
This new agricultural venture reflects PCH’s commitment to sustainable growth and aligns with IFC’s aim to promote inclusive private sector development across Africa.
The PCA farm is expected to become a model for future agri-business projects in West Africa, helping to build a stronger and more resilient food system.
Share :
“We are delighted to partner with ISA to support the development of solar energy in Africa,” said Alain Ebobissé, CEO of Africa50. “This partnership will help to accelerate the deployment of solar energy in Africa and improve the lives of millions of Africans,” he added.
You may also like...
South Africa Gets $300 Million From IFC For Housing and Clean Energy
The International Finance Corporation (IFC), a member of the World Bank Group focused on private sector development, is providing a significant boost to South Africa’s ongoing energy transition and affordable housing initiatives.
April 21, 2024
Maisha Meds Receives $5 Million in Funding From USAID to Expand Access to Affordable Malaria Care in Africa
Maisha Meds, a leading digital health organization in Africa, has received US$5.25 million in scale-up stage 3 funding from the United States Agency for International Development (USAID) Development Innovation Ventures (DIV).
November 6, 2023