Sri Lanka has recently gone through a major economic crisis leading to significant food insecurity and poverty. On the backdrop of this scenario, it is a relief that MA’s Tropical Food Processing (Private) Limited (MA’s Foods), a family meal solutions partner in the conventional, organic, and fair trade prepared food processing sector, has received a $5 Million debt commitment from U.S. International Development Finance Corporation (DFC). Intellecap was the exclusive and sole advisor to MA’s Foods for this transaction.
MA’s Foods has also invested in northern Sri Lanka after the 30-year conflict, in supporting the country’s peace and reconciliation effort. According to an official release, with the company’s plans to reach more global markets, MA’s Foods is expected to create about 1,000 on-farm and off-farm employment opportunities, especially for women.
“I am delighted to welcome DFC as our financing partner. In partnership with DFC, we aim to accelerate our expansion and further strengthen our supplier network of farmers by providing them with technical support and assistance to ensure good practices that are consistent with international fair-Trade norms. This will lead to significant developmental impact in Sri Lanka and will extend a helping hand to stabilize the economy,” said Mario De Alwis, Managing Director, MA’s Foods.
From a humble 5 products, the company now claims to have over 350+ products servicing local and export retail markets as well as HORECA/Industrial sectors. MA’s continues to increase their organic offerings and their focus on supporting organic production with organic and fairtrade products making up more than 75% of their exports.
The debt funding by DFC will have a highly developmental impact in Sri Lanka through investment in a food services company that will create women-focused new jobs, as well as support small-scale farmers through increased purchasing and training programs, added the release.
“DFC is proud to support MA’s Tropical Food’s efforts to strengthen Sri Lanka’s economy by empowering farmers, women, and local communities through new jobs for women and underserved populations and support for small-scale farmers. DFC is committed to unlocking capital to support Sri Lanka’s private sector and its contributions to the country’s economic growth,” said James Polan, Vice-President of DFC’s Office of Development Credit.
