In Sierra Leone, which has been hit hard by COVID-19 and climate shocks, agriculture remains an important source of income, employing nearly 60 percent of the labor force and contributing an estimated 55 percent of GDP. Agricultural exports, however, can be unpredictable and subject to volatile commodity prices, while domestic value chains remain relatively underdeveloped.
Kings Beverages is a Freetown, Sierra Leone based non-alcoholic beverages manufacturer with a mission to provide clean mineral drinking water, fruit juices and carbonated soft drinks to the local population. The investment will enable Kings Beverages to complete construction of its factory in Freetown, introduce new fruit juice products, and double its number of employees to 250 over the next three years. The company, which runs Sierra Leone's largest automated beverage plant, will also increase its sourcing from 40 to 150 local fruit farmers by 2025. The expansion is also projected to create 2,600 induced and indirect jobs throughout the agriculture value chain in Sierra Leone. IFC will complement its investment—its first in Sierra Leone's agribusiness sector—with advisory services to strengthen Kings' occupational health and safety practices, financial and social management, corporate governance, and resource-use efficiency. Additionally, IFC will help build the capacity of smallholder farmers in food safety, environmental and social standards, and productivity.
- Sierra Leone