WEBWIRE – Friday, July 04, 2008 Johannesburg, July 2008—IFC, a member of the World Bank Group, today announced a new financing transaction that takes its annual investments in Africa’s agribusiness sector in fiscal 2008 to more than $70 million, a five-fold increase over its average for the last three years. To support private sector–led development of the sector in Africa and alleviate the burden of soaring food prices for poor people, IFC aims to sharply increase its investments to $400 million in the next two to three years. IFC’s $5 million loan to Bakhresa Grain Milling Malawi brings total investments in Africa’s agribusiness sector this fiscal year to $72.5 million. BGM Malawi will use the loan to refinance part of its short-term debt, incremental working capital needs, and recurrent capital expenditures. IFC’s loan...
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