COFIDES has signed a €8.9 million loan agreement with GBfoods Africa to expand its production capacity in Senegal, aiming to enhance local economic development and job creation.

Target Company Overview

On June 27, 2024, COFIDES extended support to GBfoods Africa to enhance its operations throughout the African continent. A financing agreement was signed between COFIDES, represented by its President and CEO, Ángela Pérez, and Ignasi Ricou from GBfoods Africa. Under this agreement, COFIDES will provide a loan of €8.9 million from the Foreign Investment Fund (FIEX) and its own resources. This investment aligns with the 'Alianza Africa Avanza' strategy, a collaboration between the governments of Spain and Senegal aimed at promoting sustainable growth in West Africa and creating professional development opportunities for its youth.

Industry Overview in Senegal

GBfoods Africa has been operating in Senegal for over 50 years, reaping significant community engagement and market insight. The company established a manufacturing facility in Senegal in 2015, producing broth cubes under the 'JUMBO' brand. This long-standing presence enables them to understand and adapt to local consumer preferences effectively.

The food processing industry in Senegal has witnessed steady growth, driven by increasing domestic demand and export opportunities. With a strategic focus on local sourcing and prod