19th June 2024
TEMPLARS Advises International Finance Corporation on $23.3 Million Financing to Enhance Sustainability and Gender Inclusion in Nigerian Cocoa Industry
TEMPLARS has advised the International Finance Corporation (IFC) in connection with its $23.3 million financing to Johnvents Industries Limited, a Nigerian cocoa processor and exporter. The financing package by way of a partnership includes funding from IFC’s own account and the International Development Association’s Private Sector Window alongside the Global Agriculture and Food Security Program (GAFSP).
Amongst other things, IFC’s financing package is expected to strengthen the company’s sustainability drive by replacing inefficient diesel generators and wood-based boilers with a new efficient power generation system that uses natural gas to produce electricity and thermal energy, resulting in fewer emissions. IFC is also expected to provide advisory services to Johnvents to help the company increase women’s participation in its workforce and across its value chain.
Commenting on the transaction, IFC Managing Director Makhtar Diop said: “Agribusiness plays a critical role in fostering value addition and diversifying Nigeria’s economy. IFC’s financing and advisory support for Johnvents will help strengthen the company’s operations, develop Nigeria’s cocoa sector, and sustain and create thousands of jobs”.
The TEMPLARS team was led by Finance Partner, Zelda Akindele with support from Senior Associate, Victor Sameria and Associates, Frances Ehigiamusor, Christine Unuigboje and Lawrence Ola-Adisa.
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