PhytoTrade Africa has signed an agreement with the International Finance Corporation (IFC) to develop Mafura and Baobab processing capacity and supply chains in Malawi and Mozambique. Through its Sustainable Business Advisory Business Line the IFC works on Environmental, Social, and Trade Standards with firms to adopt environmental, social and governance practices and technologies that create a competitive edge.
PhytoTrade helps Southern Africa’s natural products industry to achieve rapid growth while ensuring its long-term sustainability and social equity, through product and market development and supply chain development.
John Cheesmond CEO of PhytoTrade commented, “We are very pleased to secure this funding from the IFC to work on these important projects in Southern Africa. Baobab oil is now included in numerous cosmetic formulations, whilst we continue to develop baobab powder as a nutritional ingredient. In the future, Mafura may offer an alternative to palm oil and contribute to the regeneration of an industry in Mozambique. PhytoTrade looks forward to working on these important projects over the next three years”.
PhytoTrade is a non-profit organisation dedicated to improving the biotrade industry in Southern Africa through responsible business practices and partnering with companies whilst assisting with Access and Benefit Sharing practices. The IFC’s Advisory Services provides advice, problem solving and training to companies, industries and governments with funding from donor partners, IFC and client contributions.