International Finance Corporation to invest $15 million into Malawi’s fruit exporting company, Malawi Mangoes Limited.

15th July 2014 The International Finance Corporation has announced a $15 million investment into Malawi’s fruit exporting company, Malawi Mangoes Limited. Ventures Africa shares this report, and adds that the funding is expected to expand production. The package funds a number of things – an expanded nursery, a new 1,200 hectare plantation, installation of climate-smart drip irrigation technology across the new farm and nursery, expanded ripening chamber capacity and a second processing line at the processing facility.

Malawi Mangoes Limited was established in 2009 and grows, processes, and exports fruits in Malawi. Ignore the name, apart from Mangoes, it also produces bananas, pineapples, and other fruits. The company also produces and exports mango and banana pulp for the European export market.

The news of the investment will no doubt come as very welcome news to Malawi, as its economy is mainly agricultural. The country mainly exports tobacco but fluctuations in price mean corresponding fluctuations in Malawi’s economic fortunes. Building capacity in other agricultural products is sure to create a buffer that will ensure greater productivity.