At Invest Salone’s recent showcase, its investment partnership with Proparco and Jolaks Manufacturing Company illustrated the impact of coordinated ecosystem support and catalytic investment on large-scale industrial growth.
Jolaks is one of Sierra Leone’s leading palm oil refiners, producing edible palm oil and soap for domestic use and export. The company supports an important value chain in Sierra Leone that provides income opportunities across multiple sectors, including farmers, processors, distributors and retailers.
Despite its strong performance, Jolaks initially faced challenges to access the long-term capital required to scale up its operations.
The company was operating at just 30% of its installed capacity, limiting its ability to expand output and improve competitiveness.
Boosting local potential with global capital
In 2021, Invest Salone supported Jolaks by facilitating engagement with international investors and development finance institutions (DFI) through a visit by the Africa Resilience Investment Accelerator (ARIA), and among the institutions introduced was Proparco, the French government’s impact investment arm, which was exploring opportunities to deploy catalytic capital in West Africa.
Over the next two years, Invest Salone provided market and regulatory insights, and supported legal and financial due diligence, helping mitigate first-time market entry risks for Proparco, which had not previously invested in Sierra Leone. This support was invaluable in building the institution’s confidence.
A US$20 million investment driving tangible results
In February 2024, Proparco committed a US$20 million investment in Jolaks. The impact of the investment is already evident:
- Capacity utilisation has increased from 30% to 50%
- Production of refined, bleached and deodorised (RBD) palm olein, palm fatty acid distillate (PFAD) and soap has expanded
- Regional market reach expanded from two to six markets
- 80% of raw material now procured locally from smallholder farms in Sierra Leone, up from 65% before investment
Broadly speaking, Proparco’s investment in Jolaks contributes to increased local production, job creation and improved industrial resilience in Sierra Leone.
A replicable model for investment in Sierra Leone
The Jolaks and Proparco partnership provides a practical model for development partners and investors in Sierra Leone to replicate. When ecosystem barriers are addressed and credible firms are prepared for investment, significant DFI capital can flow into the country. By convening partners and building confidence, Invest Salone is helping to unlock sustainable finance that drives industrial scale, job creation and long-term economic resilience in Sierra Leone.
Discover more about Jolaks’s investment journey and the investment impact with these resources:
