African Export-Import Bank’s (Afreximbank) Fund for Export Development in Africa (FEDA) has invested in TND SA, a leading FMCG Company in Mauritania.
Afreximbank said this investment will help to diversify TND’s business beyond importation to include integrated manufacturing of dairy and poultry products, in a bid to replace imports with locally produced foods, thereby positioning the company to become a regional player in the medium term.
According to Afreximbank, given Mauritania’s reliance on imports for its food needs, this investment presents an opportunity to develop local manufacturing capacity, positively impacting the balance of trade, to promote industrialization and to create new jobs along the value chain.
Founded in 2005, TND SA is one of the largest homegrown importer and distributor of goods and consumer products in Mauritania. TND’s operations include wholesale and retail of food imports as well as various logistics services.
Commenting on the investment, Professor Benedict Oramah, President and Chariman of the Board of Directors of Afreximbank, said: “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. Afreximbank, through FEDA, is pleased to do so in particular in Mauritania, one of the first Afreximbank member states to join FEDA. This investment is a demonstration of one of the benefits of this membership.”
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.”
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.”