(Ecofin Agency) - The UK-based AgDevCo, which targets agribusinesses in sub-Saharan Africa, announced it has invested an undisclosed long-term loan in Pee Pee Tanzania Limited, a company that manufactures and distributes grain storage bags.
Through its first 2020 investment in Africa, AgDevCo wants to build a new grain storage bag manufacturing plant, thus increasing Pee Pee’s production and helping reduce post-harvest grain losses. The Tanzanian company distributes its products in Eastern and Southern Africa, where post-harvest grain losses are valued at $1.6 billion per year or about 13.5% of the overall value of grain production.
According to the investor, this situation is mainly due to a lack of storage means. “We greatly look forward to working closely with the AgDevCo team to realize our goal of being able to reach out to millions of farmers across East and Southern Africa with sustainable technology-based solutions for crop drying and storage,” said Suraj Devani, MD of Pee Pee Tanzania Limited.
Tanzania is the British company’s leading investment country in sub-Saharan Africa. To date, the investor has made 13 deals for a total amount of $22.4 million in the country.