U.S. DFC supports Ifria Cold Chain Development Company in Morocco and Senegal with $20mln

The U.S. International Development Finance Corporation (DFC) has decided to finance the construction of Ifria refrigeration facilities in two African countries, namely Morocco and Senegal. The move, announced last week, come after DFC provided technical assistance grants to the cold chain development company Ifria in 2021.

The Corporation announced the signing of commitment letters worth $20 million with Ifria Cold Chain Development Company, a cold chain development company for the North and West African markets.

The funds will be used to finance new cold storage facilities in Morocco and Senegal to help extend the shelf life of perishable foodstuffs and pharmaceutical products for farmers, retailers, and consumers.

Of this amount, $9.3 million is allocated to Ifria Agadir SAS for the establishment of a cold chain warehouse in the Moroccan town of Oulad Teima. The remaining $10.5 million is granted to Ifria Cold Chain Development Company Senegal for the development of a cold chain warehouse required for large-scale storage of food and pharmaceutical products in Senegal.

The financing agreements were concluded on the sidelines of the 2023 annual meetings of the World Bank and the IMF, which took place in Morocco October 9 -15.

For Ifria, this funding will support the development of its food and pharmaceutical supply chain logistics infrastructure in Morocco and Senegal.