RENEW is excited to announce that members of the Impact Angel Network (IAN) closed an investment in the food and beverage industry in Ethiopia. The investment is in partnership with a leading producer of paper products in Ethiopia. The company sees an opportunity to leverage the management’s experience in fast-moving consumer goods (FMCGs) and the IAN and RENEW’s support to gain significant market share in the growing food and beverage industry by offering low-cost, locally produced alternatives to expensive imports.
With the world’s fourteenth largest and fourteenth fastest growing population, Ethiopia is likely to see some of the strongest growth in FMCGs among African countries.* Demand within Ethiopia in relevant segments of the food and beverage industry, in particular, has exhibited significant growth in recent years, with compound annual growth rates in the double digits.**
Anticipated impact includes creation of 125 new jobs in Ethiopia’s manufacturing and value addition sectors, increased purchases of produce from over 900 small holder farmers in Upper Awash, an impoverished area in the Afar region of Ethiopia, benefitting farmers and their families in that region, and reductions in foreign currency expenditures as a result of import substitution.
This is the IAN’s fifth investment in Ethiopia since 2013, and their sixth investment in the East Africa region.