IFC, a member of the World Bank Group, is providing a loan package worth up to $26 million to one of Tunisia’s leading olive oil producers, part of an effort to spur economic growth across the North African country.
The long-term financing package will help Sfax-based CHO ramp up production of branded and break into new export markets. The project is expected to benefit local olive mills and farmers, CHO’s main suppliers, and support the development of Tunisia’s olive oil sector, a key employer in rural areas and a potentially lucrative source of foreign currency.
“This financing from IFC will help CHO continue its expansion, enhancing the image of Tunisian olive oil internationally and providing invaluable support to the olive oil sector locally,” said Abdelaziz Makhloufi, founder and CEO of CHO.
IFC’s investment is also designed to help bolster investor confidence in Tunisia, which has struggled economically since the Arab Spring.
“Tunisia’s economy is brimming with potential,” said Mouayed Makhlouf, IFC Director for the Middle East and North Africa. “IFC is aiming to help realize that promise by investing in industry-leading companies like CHO, creating jobs and supporting broad-based economic growth in the process.”
During this fiscal year, IFC has committed $62 million in Tunisia, supporting smaller businesses, technology firms, and the agriculture sector. That work is part of a broader IFC effort in the Middle East and North Africa to create jobs and bring opportunity to those who need it most.