Proparco and Ethos have agreed to invest US$22-million in Turaco, a holding company that has a portfolio of FMCG companies. The subsidiaries manufacture edible sunflower and soya oil known as Tena. Other Turaco subsidiaries also manufacture soap, detergents, personal care products, laundry soaps and perfumed toilet soaps known with the names 555 and Aura. Turaco will use the funding for the expansion of manufacturing operations in Ethiopia as well as to upgrade facilities for environmental, health, safety and governance performance standards.

Proparco is the private sector subsidiary of the Agence Française de Développement (AFD) and provides financing and support for projects led by companies and financial institutions in developing and emerging countries. Ethos is a leading alternative asset manager in Africa, established in 1984 and has a Johannesburg Stock Exchange listed fund (Ethos Capital) designed to offer investors long-term capital appreciation by investing in a diversified portfolio of unlisted investments managed by Ethos.