According to a Dutch Entrepreneurial Development Bank (FMO) August 2022 press release, the bank is contributing towards achieving Sustainable Development Goal 2 on hunger reduction by providing a $25 million credit facility to a Turkish agribusiness company, for the construction of a new complex, called Armada Foods. The complex processes and distributes various products such as rice on the local and international market, including North Africa.

Contributing to food security

“FMO’s financing will provide the necessary support to finance both the capex investment and working capital requirements to carry out and implement the construction of the new processing facility. This will help Armada Foods increase its contribution to food security in the regions it is active in, including fragile- and conflict-affected states,” said FMO.

This financial support will also enable Armada Foods to increase its supply of vegetable proteins.

Armada Foods

“FMO is very pleased to welcome our new client Armada Foods, a producer of healthy and increasingly important vegetable proteins. Armada Foods is a designated supplier and a longstanding partner of international aid organizations which are crucial in supplying high protein staple food to fragile states, especially in Africa. We look forward to a long and fruitful partnership,” said Pieternel Boogaard, Agribusiness, Food & Water Director FMO.

At ABiQ, we provide validated data and trusted business intelligence covering Africa and the Middle East. We use our unique forecasting and project tracking tool to track projects worth over $5.8 Trillion in UAE, Saudi Arabia, and 54 countries across Africa so that you can stay ahead of your competitors and grow your business. Contact us today to book a free demo now or register to get free access to a light version of our platform.