By Andualem Sisay Gessesse / Djibouti – Africa Improved Foods (AIF), an African-focused public private investment engaged in producing nutritious foods, eyes expanding its manufacturing of plant to Ethiopia by investing some $40 million.
“We are in the process of raising capital for expanding our growth into Ethiopia. You know Ethiopia has a population exceeding 100 million and a lot of people are struggling with malnutrition,” said Ramesh Moochikal, CEO of Africa Improved Foods.
“Our view is that if we setup our plant in Ethiopia, we will be able to reach a lot more people…I must say that what we produce in Rwanda goes via IRC, Red Cross goes to South Sudan, DRC, Uganda and Ethiopia basically. But if we set up a new plant in Ethiopia, the Ethiopia factory will serve the Ethiopian market by itself. So, our Rwanda factory continues to produce and the Ethiopian factory will take care of Ethiopia by itself. That is our objective,” he said speaking to New Business Ethiopia journalist on the sidelines of the Djibouti Forum held this week in Djibouti.
Indicating that food processing plant of AIF is the largest and costed a total investment of $65 million, Mr. Moochikal said the company plans to invest some $40 million in Ethiopia. He noted that the company has developed a range of nutritious products, made in Africa from cereals growth in Africa, fortified with essential vitamins and macro nutrients to tackle stunting on the continent. Products are distributed through relief programs such as, UNICEF, World Food Program, Red Cross, and commercial distribution channels.
The major shareholder of AIF are the Dutch company – Royal DSM. a Dutch company, the International Finance Corporation (IFC), and FMO is the Dutch entrepreneurial development bank, according to Mr. Moochikal.
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