The investment aims to empower local processing and empower cashew farmers.

Cashew Coast is a major player in the Ivorian cashew industry, employing 750 people and sourcing cashews from over 7,000 smallholder farmers.

Côte d’Ivoire, despite being the world’s largest cashew producer, currently exports most of its nuts for processing in Asia before they reach consumers in Europe and the US.

This lengthy process adds unnecessary expense and reduces potential profits for local farmers.

AgDevCo’s €9 million mezzanine loan will directly address this challenge.

The funds will be used to expand Cashew Coast’s processing capacity, construct new warehouses, and implement farmer productivity programs.

This comprehensive approach aims to double the company’s processed cashew volumes to 19,000 tonnes per year.

“There’s a strong commercial and sustainability case for processing cashews in their country of origin,” said Ismail Sentissi, AgDevCo’s Investment Director for West Africa.

“We’re excited about this partnership with Cashew Coast. It will not only support their growth but also create jobs in rural areas and contribute to building a strong cashew processing industry in West Africa.”

Salma Seetaroo, Cashew Coast’s CEO and co-founder, welcomed the investment, highlighting the value AgDevCo brings.

“Their long-term, flexible capital, combined with their agricultural expertise and network, will be instrumental in achieving our ambitious goals,” she said.