AFISA

hold

The proposed IFC investment consists of an A loan of up to €16mn to AFISA Food Industry SA and AFISA Flour Mills (together referred to as “AFISA” or the “Company”), a leading food importer/distributor (wheat flour, sugar and rice) and second largest wheat miller in Cameroon to support AFISA’s working capital for wheat import as the Company is increasing its milling capacity from current 670 tons per day (TPD) of wheat inputs to 1,050 TPD by early 2025. AFISA is a subsidiary of TransAfrique General Trading FZCO (“TransAfrique”), an integrated logistics and food company headquartered in UAE that trades in food products and vehicles, provide transport services in Central Africa region (Cameroon, Chad and Central African Republic) and is part of the Sudanese family-owned multinational conglomerate, the Elnefeidi Group.AFISA currently operates five leased mills and as part of its capacity increase is constructing a grain terminal and wheat storage facility and a flour mill at the Douala port. AFISA is the leading producer of bakery and doughnut flour in Cameroon. The company imports wheat from Lithuania, Romania, Canada, France Latvia and Baltic Sea area through international wheat brokers that are known to IFC. In 2023, AFISA commenced the construction of a grain terminal, unloader, storage silos, and a new 1,000 TPD mill at the port of Douala in 2024 to boost its wheat import and milling capacity. Phase 1, which includes the grain terminal and eight 5,000-ton silos, is 82% complete. Both the grain terminal and flour mill located on 55,000m² and expected to be commissioned in 2025 and 2026 respectively, are financed by other commercial banks. IFC use of proceeds are exclusively for working capital for AFISA to double its wheat import from 200k tons per year to 400k tons per year.