24 January 2020
Zalar Agri Raises $24 Million in Financing
On January 14, 2020, Zalar Agri completed the raising of $24 million in financing from the International Finance Corporation (IFC), a member of the World Bank Group. This quasi-equity financing from IFC is split between a US$12 million "C" mezzanine loan and a US$12 million "B" mezzanine loan through its syndication program. This investment demonstrates the operator's confidence in the development of Zalar Agri and the importance of the agricultural sector in the Kingdom's growth.
"We are very proud of this partnership with IFC, a world-renowned investor that will allow us to strengthen the institutional character of our group, expand and diversify our operations into many high-growth agricultural varieties, and at the same time improve our downstream capabilities. IFC's support will also allow Zalar Agri to expand its packaging activities and develop exports, while creating sustainable jobs and added value.
"We are very proud of this partnership with IFC, a world-renowned investor that will allow us to strengthen the institutional character of our group, expand and diversify our operations into many high-growth agricultural varieties, and at the same time improve our downstream capabilities. IFC's support will also allow Zalar Agri to expand its packaging activities and develop exports, while creating sustainable jobs and added value.
-Farouk CHAOUNI, Director of Zalar Agri
