Announcement of IFC Helps Establish Modern Poultry Complex in Cameroon on September 8, 1983

DC?@ 1818 H Street, N.W. International Finance Corporation Washington, O.C. 20433, U.S.A. FOR RELEASE: SeptemQer 8, 1983 CONT ACT: Don Roessner Press Release ,.No. 84/2 (202) ~76-0394 IFC Helps ,\Establish,,Modern 11 Poultry Complex in Cameroon:> The International Finance Corpor,.ation (IFC) is helping finance a $4.8 million proje~_t for the establis~nt of a modern poultry complex; in Cameroon ,,1 1, , ' sponsored jointly by Societe Natio1nale d'Inves~issement (SNl Cameroun) and Booker Agriculture International Limited (BAI) of the United Kingdom. 1(SAPICAM) is Societe Agro-Pastqrale et Industrielle du Cameroun , . planning an·· annual production of 200,000 broilers, 1 millior{ day-old broiler chicks, 240,000 day-old female chicks and 10,,000 tons 'of feeH. The 0 project is planned to ·be completed by April 1985,_with the hatchery and the feed-mill to be (.1-- set up in Douala while broiler houses and administrative buildings are to be 0 located at Ndoungue, 80 miles north o.t Douala. It will be managed by BAI which provides It management eervices and invests in agribusiness ventures throughout the world. a • Equity financing for SAPICAM includes two investments of CFAI21 million ($302,000 equivalent) each from IFC and BAI. SNI, the local development finance Cl ~company, and the Commonwealth Development Corporation (CDC), the U.K. development agency, are each making a CFAI51.5 million ($379,000 equivalent) investment. Local private entrepreneurs are expected to provide CFA61.0 million ($153,000 equivalent). . ,, Financing includes a DM2.l million (790,000 equivalent) loan and a contingent loan of up to $78,000 from IFC, $790,000 equivalent from CDC and $1,265,000 equiv~lent from Banque. de'' Developpement des Eta ts de 1 'Af rique Centrale. (? ~y supplying go,o~ quality day-old chicks and feed to local farmers, SAPICAM.will help overcome one of the major obstacles to the expansion of poultry production b;y local fanaers a!1d supplement their incomer.;. The project will directly generate local .eJJJployment and will result in fore:ign savings of $6.5 million over the next 15 'years by reducing the country's~:;requirement for imported poultry products and1 feed at a time' when other sources of animal protein are increasingly sca,rce.