Ivorian firm Cashew Coast gets $9.6m loan from AgDevCo for expansion
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TLDR
- AgDevCo invests €9 million in Cashew Coast for processing cashews locally and expanding operations.
- Cashew Coast aims to increase value in the domestic industry and pay higher prices to farmers for organic cashew nuts.
- Investment by AgDevCo to double Cashew Coast's processed volumes to 19,000 tonnes annually.
Specialist agriculture investor AgDevCo has extended a mezzanine loan of €9 million ($9.6 million) to Cashew Coast, a rapidly growing cashew nut processing business. The company employs 750 people and sources cashews from over 7,000 smallholder farmers.
Cashew Coast is leading efforts to capture more value within the domestic industry by processing cashews locally and shipping them directly to supermarkets and ingredient users. This approach enables the company to pay higher prices to farmers for fully traceable, organic cashew nuts.
AgDevCo's funding will be used to expand the company’s processing capacity, construct new warehouses, and support farmer productivity programs. This investment is expected to double Cashew Coast’s processed volumes to 19,000 tonnes of raw cashew nuts annually.
Key Takeaways
Côte d'Ivoire is the largest producer of cashews in the world, having been the leading producer of raw cashew nuts since 2015. In 2022, the country achieved a production milestone of 1 million tonnes, and in 2023, this figure increased by 19.16% to 1.225 million tonnes, accounting for 40% of the global supply. Despite this, most cashew nuts are exported raw for processing in Vietnam and India, before being shipped to markets in Europe and the USA. This lengthy and costly process highlights the importance of initiatives like Cashew Coast, which aims to add value locally by processing cashews domestically and shipping them directly to end markets.
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