Participating in the expansion of Océinde in Africa

Océinde Group was set up in 1975 by Abdé-Ali Ibrahim Goulamaly and plays a major role in the economic, social and cultural development of Réunion. This commitment has been extended to the neighboring countries of Madagascar, Mayotte and Mozambique, as well as mainland France, where the Group has been established since the 1990s with four production plants. With over 1,500 employees, the Group operates in the sectors of construction chemicals (mainly paint), telecommunications/media, seafood products from farms in Mozambique and, more recently, climate engineering. Océinde is a longstanding partner of AFD Group, as it has supported it for four operations in the telecoms and fishing sectors. 

Proparco’s operation involves the allocation of a EUR 9.5m senior loan to finance the purchase by Océinde of most of the African area (four entities in Côte d’Ivoire, Cameroon, Gabon and Senegal) from PPG Industries, which is specialized in building materials.

By supporting the expansion strategy of this French partner of AFD Group, Proparco is contributing to building a national leader on high-growth African markets. The operation should maintain some 300 direct jobs and some 1,000 indirect jobs in Africa over the next 5 years. It will also contribute to mobilizing private bank financing via the partnership with Société Générale. Finally, it will continue to promote international ESHS (Environmental, social, health and safety) standards in a highly sensitive industry and promote the development of innovative architectural coatings adapted to African climates through green chemistry. 

The project will contribute to the achievement of SDG 8 “Decent work and economic growth”.