Valency International Secures $50M Boost to Support African Farmers
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Sumit Jain, Valency's CEO
In a bid to strengthen Africa's agricultural sector, the International Finance Corporation (IFC) and South Africa's Absa Group have joined forces to offer a $50 million trade finance facility to Singapore-based Valency International. This funding will support the purchase of key agricultural commodities, including cashew nuts, sesame seeds, and ginger, from smallholder farmers in West and East Africa.
Valency International, founded in 2007, is a Singapore-based food ingredient supplier with a diverse product portfolio spanning 21 categories. The company benefits from strategic equity investment from British International Investments (BII), the development finance arm of the UK government.
With a presence in 40 countries and a workforce of over 3,000, Valency operates in sectors such as agricultural commodities, processed products, and FMCG food items. Through this facility, the company aims to purchase goods from 150,000 smallholder farmers in countries like Nigeria, Ghana, and Tanzania. The funding will help farmers improve market access and secure financial stability, addressing a critical gap in working capital that often hampers growth.
The joint $25 million contributions from Absa and IFC are part of IFC’s $1 billion Africa Trade and Supply Chain Recovery Initiative, aimed at boosting agricultural growth and sustainable development. The investment will also provide financing to cooperatives and local buying agents, benefiting smallholder farmers who manage around 80% of Africa's farmland.
Source: Innovation Village
IFC Venture Capital Group
The International Finance Corporation (IFC) is the premier global development institution dedicated to fostering private sector growth in developing countries, thereby catalyzing economic development and enhancing livelihoods.
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