(Ecofin Agency) - • Africa captured 47% of Proparco’s 2024 project volume, totaling €1.3 billion.
• Jolaks, Beacon Power Services, and One Acre Fund received the year’s largest funding.
• AFD’s biggest non-sovereign loan in 2024, €350 million, went to Morocco’s green hydrogen plan.

Africa remained the primary region of intervention for French development agency Proparco in 2024. The continent alone accounted for 47% of the total project volume signed last year by this subsidiary, which focuses on private sector financing. Among the 200 projects signed worldwide, totaling €2.8 billion ($3.19 billion), Africa took €1.3 billion. Latin America followed with €594 million in signed projects, ahead of the Middle East (€215 million) and Asia (€199 million).

This strategic focus on Africa is reflected in several major projects. Three active enterprises on the continent received the highest amounts of financing from the institution in 2024. These included Jolaks, Beacon Power Services (BPS), and One Acre Fund. "Our efforts now go beyond investment and financing: we also take on the role of mobilizing domestic and international private investors," said Françoise Lombard, Proparco's Managing Director.

Sierra Leone-based agri-food company Jolaks received a $20 million loan in November 2024 to support the operation of its edible palm oil refinery. This commodity makes up 70% of its revenue, supplemented with soap products. In 2022, Jolaks generated $72 million in revenue, exporting 60% of its output to neighboring countries like Liberia, Senegal, Mali, and Ghana. This marks Proparco's first operation in Sierra Leone.

Energy technology company Beacon Power Services secured $3 million in equity support at the start of November 2024. BPS assists electricity distributors in reducing their technical and commercial losses, which stand at 23% in Sub-Saharan Africa compared to 5% in Europe. The company targets a 50% reduction in these losses while expecting to increase operator revenues by 30%. Present in Ghana, Nigeria, and Zambia, BPS plans to expand its operations to East and Southern Africa.

Meanwhile, One Acre Fund, which supports agricultural operators in Africa, benefited from a $10 million loan granted in mid-May 2024. The company assists over 4 million small-scale farmers with pre-financing for agricultural inputs and the provision of training for farmer groups.

Other African private entities also received financial support from Proparco last year. Its parent company likewise executed its largest financial operations in Africa in 2024, citing Morocco as its top country in terms of financing volumes. AFD granted its highest-ever non-sovereign loan to the Office chérifien des phosphates, totaling €350 million, to facilitate its transition to green hydrogen.