IFC, HSBC and South Africa’s Standard Bank have each invested USD 100mn in Westfalia Fruit International for the company to expand its sustainable avocado production at existing facilities and explore new markets.
Future Growth
The company will use the investment to develop new orchards and nurseries in Colombia, India, Mexico, Mozambique, Peru and South Africa. And to upgrade its packing, ripening and storage facilities in Africa, South America and Europe. It will also explore new markets such as China, India, Italy, Kenya, Spain, Tanzania and the United States to better integrate the avocado sectors in developing countries into the global value chain to meet growing demand for avocados.
We’re pleased to have delivered a bespoke solution to meet Westfalia’s specific requirements demonstrating our strong capabilities to lead and coordinate across different teams. The global fresh fruit market is expected to grow by 5.53% annually, and this funding will help to meet rising demand and grow the global agriculture sector, providing new jobs across Africa, South America, and India.
DANNY GOLDBLUM, HEAD OF LARGE CORPORATES COVERAGE, LONDON & SOUTH REGION AT HSBC UK. WE ALSO LOOK FORWARD TO SEEING THE BUSINESS CONTINUE ITS SUSTAINABILITY EFFORTS AND MEET ITS NET ZERO TARGETS IN 2030.
Carbon Neutral
The global avocado market is valued at USD 7bn by value of trade and it is dominated by countries from sub-Saharan Africa and Latin America, which mainly produce the fruit for the two largest consumption markets—North America and Europe—and to meet growing demand for the fruit. The company also has plans to become carbon neutral by 2030 and it will continue to apply techniques which conserve energy and water as well as reduce the use of pesticides.
About Westfalia Fruit
The company has one of the world’s largest-growing footprints and is a leading supplier of fresh and processed produce. It was founded over 70 years ago and today operates in fifteen countries spread over five continents.