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IFC approves €90mln loan to KKR-backed Afriflora

The IFC has agreed to lend Afriflora €90 million in order to help the KKR-backed rose grower and distributor to install water recycling systems, achieve its plan of expanding production by 60% and increasing the number of people it employs by a further 50%.

Afriflora’s main growing facility is located on the shores of Lake Ziway in central Ethiopia and employs more than 9,000 people, the great majority of whom are women.  The company cultivate, produces and sells sustainably-grown roses and has built a strong reputation for its fair-trade approach and contributions to the communities in which it operates. Harvested roses are sent to the Netherlands for sale.  In Ziway, the company directly supports 30,000-40,-000 people and another 100,000 receive indirect benefits.

In June 2014, global private equity firm KKR made its debut Africa investment when it paid $200 million for an undisclosed stake in the business. The Barnhoorn Family, who founded the firm in 2004, are still shareholders and managers of the business.

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