IFC, a member of the World Bank Group, will lend up to €90 million to support Afriflora Group, a leading large-scale rose grower and distributor based in Ethiopia that employs more than 9,000 workers, more than 80 percent of them women.
The funding will support Afriflora’s plan to expand production by 60 percent, install water recycling systems, and increase employment by more than 50 percent. Afriflora is founded and run by the Barnhoorn family, according to the press statement from IFC.
Agriculture provides almost half of Ethiopia’s economic output and employs 85 percent of its population, according to the World Bank. The floriculture industry plays a major part in economic growth and poverty reduction. Afriflora cultivates, produces, and sells sustainably-grown roses and has built a strong reputation for its fair-trade approach and contributions to the local Ethiopian community where it operates.
Peter Barnhoorn of Afriflora said, “Afriflora is a leading employer in Ethiopia and we are committed to expanding production in a way that adheres to global standards for environmental and social sustainability. Our new partnership with IFC will allow Afriflora to transition to the next phase of our growth strategy.”