AgDevCo, an investment firm with a focus on the agricultural sector in Africa, has recently made a significant financial commitment to Cashew Coast, a prominent cashew nut processing company based in Côte d’Ivoire. This investment is designed to boost local processing capabilities and support cashew farmers in the region.
Cashew Coast plays a vital role in the cashew industry of Côte d’Ivoire, providing employment to 750 individuals and partnering with over 7,000 smallholder farmers for cashew procurement. Despite Côte d’Ivoire’s status as the leading global producer of cashew nuts, the majority of its harvest is shipped abroad for processing, primarily to Asia, before being distributed to markets in Europe and the United States. This export-focused model incurs additional costs and diminishes the earning potential for Ivorian farmers.
To tackle this issue, AgDevCo is extending a €9 million mezzanine loan to Cashew Coast. The investment will be channeled towards enhancing the company’s processing capabilities, constructing new storage facilities, and rolling out programs aimed at increasing farmer productivity. The goal of these initiatives is to amplify Cashew Coast’s annual processing volume to 19,000 tonnes, effectively doubling its current capacity.
Ismail Sentissi, AgDevCo’s Investment Director for West Africa, emphasized the dual benefits of local cashew processing, both from a commercial perspective and in terms of sustainability. He expressed enthusiasm about the partnership with Cashew Coast, which is expected to catalyze growth, generate employment in rural communities, and contribute to the establishment of a robust cashew processing sector in West Africa.
Salma Seetaroo, the CEO and co-founder of Cashew Coast, expressed gratitude for the investment, noting the added value that AgDevCo brings to the table. She pointed out that AgDevCo’s long-term, adaptable financing, coupled with their expertise in agriculture and their extensive network, will play a crucial role in realizing Cashew Coast’s ambitious objectives.
