IFC Commits $20 Million to Boost Guinea’s Poultry Sector

The International Finance Corporation has committed $20 million to Sonoco Group to support the development of Guinea’s poultry sector and improve food security.

Source: farmersreviewafrica

The funding will be provided to Fermav Industries, a subsidiary of Sonoco Group, to establish the country’s first vertically integrated poultry operation covering feed production, hatcheries, farming, processing and distribution.

The project is expected to strengthen local poultry production and reduce reliance on imports. Guinea currently imports about 85 percent of the chicken it consumes as domestic production remains largely small-scale.

Demand for poultry products in Guinea has increased in recent years, making expansion of local production a priority.

The investment is also expected to create about 400 direct jobs and nearly 3,500 indirect jobs across poultry farming, processing, logistics and distribution.

Officials say the integrated production model will help improve efficiency in the poultry value chain while increasing the availability of locally produced poultry products in the country.

The initiative forms part of efforts to strengthen Guinea’s agriculture sector and support long-term growth in food production.