FONSIS and TERANGA Capital have signed an agreement with LA VIVRIERE SSUARL to invest 510 million in this SME to help it industrialize the production and manufacturing of local cereals
This half-billion-FCFA investment will be used to relocate company’s administrative, commercial and operational units in modern buildings, and to acquire industrial equipment to upgrade the current production capacity.
LA VIVRIERE produces a wide range of local cereal products under the brand WIIW. Its unique expertise is acknowledge in the local and international markets; the products being distributed in other African countries, the EU, the US and Canada.
Sat up in 1992, LA VIVRIERE has since 1996 starts an industrialized production process. The FONSIS and Teranga Capital will accompany it for the next ten years in an accelerated mechanization process and compliance to the international standards.
Mrs Bineta COULIBALY, founder of LA VIVRIERE: “We are really happy to sign this agreement with FONSIS and Teranga Capital. Not only will this investment allow us to increase our production, but it will enable us to have more suitable premises for our business. It’s our way to contribute to the country’s development. Through this project, we will hire more men and women from the inland and provide them with secure and sustainable income. It has always been our ambition to move forward. With such investment, we will anchor our pioneer position and also access new markets across the country and abroad.”
Olivier Furdelle, CEO of Teranga Capital: “We are delighted about co-investing alongside FONSIS in La VIVRIERE. We congratulate Mrs. COULIBALY who has been instrumental in propelling her business to a leading position in the local cereal processing sector during the past 30 years.”
According to the CEO of FONSIS, Papa Demba Diallo: «This investment complies with FONSIS’ mission to support Senegalese SME by allocating them up to 20 % of its resources. LA VIVRIERE is also in line with the Senegal’s blueprint for emergence (Plan Sénégal Emergent, PSE), especially with its cereal corridor development initiative. Through the processing of local cereals, this company will drive value creation and contribute to the reduction of cereal import. We are delighted to co-invest alongside Teranga, a subsidiary of FONSIS and are reiterating our commitment to support SME’s development.