IFC, a member of the World Bank Group,Â Â has disclosed that it will invest in Nigerian fast food restaurant Tantalizers to help the company expand operations and improve environmental and safety standards, increasing the availability of convenient and affordable food in the countryâ€™s fast-growing urban areas and enhancing industry standards.
IFC will provide a loan of $7 million and invest $1.5 million in the equity of the company. Tantalizers will use the funds to renovate 15 existing outlets and open four new outlets, improving outlet and food quality standards. IFC will also advise the company on how to improve environmental, social, safety, and corporate governance standards.
â€œIFCâ€™s support will enable Tantalizers to grow and improve operations at a time when many companies are facing difficulty accessing bank loans and raising equity in local capital markets,â€ said Bose Ayeni, Managing Director of Tantalizers. â€œThe partnership with IFC will strengthen Tantalizersâ€™ capital position and enable us to meet the growing demand for convenient, safe, and affordable food in Nigeriaâ€™s urban cities.â€
IFCâ€™s investment will help address the difficulty many Nigerian companies are facing accessing loans and capital, while helping create jobs and supporting the countryâ€™s sustainable economic growth.
â€œOur partnership with Tantalizers reflects IFCâ€™s commitment to supporting strong local companies in the agribusiness value chain, a cornerstone of Nigeriaâ€™s economy,â€ said Solomon Adegbie-Quaynor, IFCâ€™s Country Manager for Nigeria.
â€œIFC will continue to seek economically viable investments that support the quick service restaurant business, including in areas such as cold storage and poultry production.â€
IFC is the only international financial institution focused exclusively on the private sector, the engine of sustainable development in emerging markets.
Along with IBRD, it is currently seeking a capital increase to strengthen its ability to create opportunity for the poor in developing countriesâ€”including by supporting the growth of businesses in Africa.