The African Export-Import Bank (Afreximbank) announced that its development impact-oriented subsidiary, the Fund for Export Development in Africa (FEDA), has invested in TND SA, a Mauritania-based FMCG company.
This investment will enable TND to diversify its operations beyond importation to include integrated dairy and poultry product manufacturing in an effort to replace imported meals with locally produced foods, enabling the company to become a regional player in the medium term.
“Foreign Direct Investments in Mauritania’s corporates are few and far between, and this landmark transaction highlights FEDA’s strong commitment to provide development impact and attract Foreign Direct Investments in all geographies across the continent,” said Professor Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank. Afreximbank is glad to do so through FEDA, especially in Mauritania, which was one of the first Afreximbank member states to join FEDA. This investment is an example of one of the membership’s benefits.”
Given Mauritania’s reliance on imports for food, this project gives a chance to build local manufacturing capacity, thereby improving the trade balance, promoting industrialization, and creating new jobs along the value chain.
Yann Rogombe, FEDA Investment Director said, ”We are pleased to partner with TND SA sponsor and management and to support the Company to implement its growth plan. This investment will have a significant developmental impact on the agri-food value chain in Mauritania and position the Company as a fully integrated regional player.”
Founded in 2005, TND SA is one of the largest homegrown importers and distributors of goods and consumer products in Mauritania. TND’s operations include wholesale and retail of food imports as well as various logistics services.
Telmidy El Najim Driss, TND SA Chairman, and CEO said, ”We are delighted to have FEDA as an investor and partner. This investment reflects the willingness of both parties to develop the agri-food value chain in Mauritania and will also take the Company to a new level and a new phase of growth. I am confident in the company’s development prospects, assisted by our partner FEDA, and we aim to become a leading player in the region in the years to come, thus contributing to food self-sufficiency in Mauritania and the region.”
FEDA pursues a multi-sector investment strategy along with the intra-African trade, value-added export development, and manufacturing value chain which includes financial services, technology, consumer and retail goods, manufacturing, transport & logistics, agribusiness, as well as ancillary trade enabling infrastructure such as industrial parks, in Afreximbank’s member states.