Jolaks Manufacturing secures a USD 20 million loan to boost food security in Sierra Leone

By supporting the local production of high-quality edible palm oil – which stands essential in the traditional West African diet - this project meets an urgent need in a country where food insecurity affects 60% of the population. The lack of local agricultural production leads to dependency issues on imports for the country, making access to staple foods even more precarious in times of logistical crisis.



This funding will enable Jolaks to continue producing high-quality edible palm oil, with improved nutritional and conservation properties. Thanks to this funding, Jolaks - which processes crude palm oil produced in the region - will contribute to feeding 7.2 million people in Sierra Leone and the countries of the sub-region (Liberia, Senegal, Mali, Ghana).



In terms of sustainability, Proparco's financing will come with technical support to help Jolaks improve its environmental and social practices, particularly in its supply chain. The loan will also finance the installation of a biomass power plant, which consists in the burning of palm kernel shells. This power plant is designed to reduce the company's CO2 emissions by an average of 9,200 tonnes per year, as most of Sierra Leone's electricity comes from diesel power plants. This loan is part of the Food and Agriculture Resilience Mission (FARM) initiative, which is a program launched in 2022 by Emmanuel Macron, President of the French Republic, alongside with the European Union, the G7 and the African Union, to address the growing challenges of food security, especially in vulnerable countries. This funding aims to strengthen Sierra Leone's food sovereignty by promoting local production and regional supply. The project supports several Sustainable Development Goals (SDGs), including SDG 2 “Zero Hunger”, SDG 7 “Affordable and Clean Energy” through the installation of the biomass plant, as well as SDG 8 “Decent Work and Economic Growth” and SDG 9 “Industry, Innovation and Infrastructure” by supporting a local agro-industry.



“Proparco is delighted to support Jolaks' activity, which is of vital importance both for Sierra Leone and West Africa. Not only does this project meet the essential food needs of the population, but is also part of a sustainable development approach with the use of green energy, the promotion of local production meeting sustainability criteria, and the strengthening of the client's management capacities. By carrying out this first large-scale financing, we also want to affirm our ambition for Sierra Leone and our desire to finance its local champions, to favour the national market and the sub-region”, declared Sadio DICKO, Regional Director of Proparco for West Africa.



Proparco reaffirms its commitment to supporting high-impact projects in fragile countries with this first direct financing in Sierra Leone, in line with its “Explore 2023-2027” strategy, which aims to promote high-potential initiatives in the least developed countries.