BENIN – The West African Development Bank (BOAD) and the Atlantic Group, headed by the Ivorian businessman Koné Dossongui, have sealed a loan agreement for the construction of a new flour mill in the Industrial Zone of Glo-Djigbé, Benin.
Dubbed ‘Atlantic Moulin Benin (AMB)’, the project is expected to stimulate growth of the local agri-food industry, reduce imports of wheat flour and contribute to food security.
Boad is financing the project to a tune of 6 billion FCFA (US$10 million). According to the agreement, the balance (US$23.4M) will be covered by the promoter and the local partner bank, the International Bank for Industry and Commerce (BIIC).
The AMB factory is envisioned to have a processing capacity of 90,000 tonnes of wheat per year and a daily processing capacity of 300 tons.
According to partners, the project will rely on state-of-the-art technologies supplied by the world-renowned Swiss food processing equipment company Buhler, which is the reference in the field.
The executives are optimistic that the AMB project will provide the West African country with a quality product that is highly nutritions, traceable and certified by the Beninese organizations.
Additionally, the milling plant will also contribute to the local product processing through the production of flour including local products (cassava, maize, fonio, millet) in the proportions that the State deems acceptable.
According to BOAD, its support for the project underlines its commitment to fostering economic growth in West Africa and reflects its confidence in the potential of Benin’s agri-food industry.
On the other hand, for Groupe Atlantic, this is an important step towards a new niche. Founded in 1978, Atlantic Group is steeped in long-standing experience with more than 13 subsidiaries, including 7 in the banking sector.
It also has a proven and diversified presence in 11 countries including the Côte d’ Ivore, Niger, Burkina Faso, Benin, Togo, Mali in West Africa; Cameroon, Gabon in Central Africa; Comoros, Madagascar, Mauricie Island in the Indian Ocean and a growing industrial hub.
Georges Wilson, Managing Director of AMB, the Atlantic Group in content said that, with more than 40 years of experience, the Atlantic Group considers the AMB project as a strategic expansion of its commitment to agro-industrial development.