The Aga Khan Fund for Economic Development (AKFED) strengthens the role of the private sector in developing countries by promoting entrepreneurial activity and supporting private sector initiatives. Profits are then reinvested in development projects.
220
Cofisac and Fumoa have over 220 employees
AKDN has been involved in packaging services in West Africa since the 1960s via a group of Industrial Promotion Services (IPS) companies. Two of these, Cofisac and Fumoa, are based in Dakar.
Cofisac and Fumoa have high-performance blow moulding lines. These make high-density polyethylene bottles used for petroleum companies and groundnut oil producers, and preforms to contain drinks. Cofisac’s woven polypropylene bags are used in the agricultural, agro-industrial and textile sectors. Fumoa manufactures metal drums for petroleum and edible oil producers.
These packaging products enable local goods to be exported, stimulating the economy. Cofisac’s crop storage bags, for example, reduce post-harvest crop damage, allowing small-holder farmers to store grains for longer and sell when prices are higher. The companies generate income to reinvest in development activities and provide social welfare for employees and their families.
The companies are dedicated to improving the quality of life in the areas where they work. IPS has set up a group solidarity fund used in the prevention and detection of HIV, TB and malaria. It cares for workers sick with AIDS. Other activities include establishing health insurance, distributing mosquito nets and organising blood donations.