New Investments
AgDevCo Invests in Cashew Coast to Boost Processing in Côte d'Ivoire
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.
Related Articles
Register Now
Empower Africa Times Newsletter
Share :
“We are delighted to partner with ISA to support the development of solar energy in Africa,” said Alain Ebobissé, CEO of Africa50. “This partnership will help to accelerate the deployment of solar energy in Africa and improve the lives of millions of Africans,” he added.
You may also like...
African Startups Invited to Apply for Harvard’s New Venture Competition
African startups have been invited to apply for the prestigious New Venture Competition organized by Harvard Business School’s Africa Business Club.
Ghanaian cleantech startup Kofa secures funding to make clean energy affordable and accessible
Kofa, a dynamic startup based in Ghana, has secured funding to revolutionize the energy sector with its pioneering Battery-as-a-Service (BaaS) model.
d.light Secures $176 Million to Expand Solar Access in East Africa
d.light, a leading provider of affordable solar solutions, has secured a $176 million debt financing deal to expand its reach in Kenya, Tanzania, and Uganda.