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SeedCo's new seed maize dryer financed by Proparco inaugurated in Zimbabwe
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President Emmerson Mnangagwa of Zimbabwe and French Ambassador Laurent Chevallier celebrated today the inauguration of a new seed maize dryer, which will greatly increase local farmer’s harvests while contributing to the adaptation of sub-Saharan agriculture to climate change. This seed dryer was financed through a loan granted by Proparco in 2020.
In 2020, Proparco granted a $25 million loan to Seed Co, the leading seed manufacturer in Africa. This financing was divided into two tranches, each for USD 12.5m. It firstly aimed at financing the Group’s research and international expansion via a loan to Seedco Zambia and, secondly, at Seedco Zimbabwe’s developments, including the construction of a corn dryer, to increase the company's production capacity, double farmers’ harvests and do more to address the climate risk.
Over the coming years, the seed dryer inaugurated today will create thousands of direct and indirect jobs and greatly increase agricultural yields, thus contributing to food security in the region.