CIFG, Kenana launch giant agricultural investment fund at regional level

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Sudan Vision Daily | 22 November 2012
Kenana's partner in the MAHASEEL Fund is the CIFG Group, a financial guaranty insurance company that is a subsidiary of the Caisse Nationale des Caisses d'Epargne et de Prévoyance (CNCE) of France, part of the Groupe Caisse d'Epargne.

- MAHASEEL Agricultural Investment Fund Aims to Gather Worth 1$bln Fund
- The Fund Targets Opportunities for Agricultural Investment in the Regions of Middle East and North Africa
- Target Minimum Profit Rate Is 25%

Dubai, United Arab Emirates – Kenana Sugar Company, biggest integrated sugar producer, has announced on  20 November, 2012 the launch of MAHASEEL Agricultural Investment Fund, an agricultural investment fund with estimated $1 billion in collaboration with the CIFG, an international group actively managing the runoff of a portfolio of insured structured finance, municipal and infrastructure risks.

The Fund aims to gather estimated one billion in US dollars to invest in new projects, private property within agricultural sector, agro-food industry, other industries and services related to agricultural sector.

The project will last for 8 years while investment will last for 5 years. The Fund will also aim to achieve 25% profits minimum.

“MAHASEEL Fund will provide investment opportunities for investors – individuals and institutions in a sector which is seeing a growing demand at regional and international levels,” said Mohamed Al-Mardi Al-Tijani, Kenana Sugar General Manager, adding “the Fund will work for making use of investment opportunities across the Middle East and North Africa with existing three primary projects ready for investment in Sudan, including agricultural services company in passion of 250,000 acres of lands useful for production of basic crops.”

“The Fund provides wide opportunities for investors seeking to employ their investment in food security program or those concerned with social issues, or desiring for involvement long term infrastructure projects,” he said.

Al-Tijani added that MAHASEEL Fund will be able to diverse its investments in agricultural sector by investing in various geographical regions as well as different sectors in a fashion to benefit from prospective of growth for all enterprises and agricultural services.

The fund will have control over 51 percent in companies it will invest in and will actively be involved in enhancing the value of its investment deposit. The list of specified and ready projects include: production, marketing and management of basic crops project, an integrated factory for sugar and ethanol production, and marine storage station.

Agricultural sector in Sudan, the focus of the Fund’s primary project, has achieved annual growth of 2.5 percent over the past two decades. Sudan benefits from 30 percent of arable lands in addition to rivers running through its territories including the Nile, where irrigated farming is prevalent. Sudan is deemed one of top Arab and African cattle producer.

Kenana, with 30 years experience in development of agricultural projects in Sudan, will manage the Fund in partnership with CIFG, which will be mainly in charge of running the Fund and its affairs. The services of CIFG were also sought to run the Fund and provide consultancy services.
Original source: Sudan Vision
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