(Ecofin Agency) - The International Finance Corporation (IFC) will commit $10.5 million to Carrières et Chaux du Mali in the first local currency operation in the country. The resources will support the agricultural and mining sectors.

Carrières et Chaux du Mali is a company founded and managed by the Malian geochemist Madani Diallo. It specializes in the production and distribution of quicklime used for gold mining and agricultural lime used to amend soils.

The credit line was granted by the IFC and the International Development Association (IDA) through its private sector promotion window. It will enable the Malian company to increase its annual production capacity and export its products to the sub-region.

Madani Diallo sees this operation as a way to "reduce production costs by up to 20%" to satisfy the local market, but also as a way to strengthen the company's presence beyond Mali through exports, mainly to Côte d'Ivoire, Guinea and Senegal.

In addition to financial resources, IFC will provide technical assistance to farmers to increase their yields. The financial institution committed $4.6 billion to private companies in sub-Saharan Africa between July 1, 2019, to June 30, 2020, to support agribusiness, energy, and health sectors.

Chamberline Moko