Ivory Cocoa Products S.A.R.L.
Status: Approved investmentWhy disclosure?
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Disclaimer
The information as disclosed is indicative and provided on an "as-is/as available" basis for general informational purposes only and should not be construed as financial, legal or investment advice, nor as a commitment or an offer to arrange or provide any financing. The final decision to provide financing is subject to the terms and conditions of FMO in its sole and absolute discretion. When providing links to other sites, FMO bears no responsibility for the accuracy, legality or content of the external site or for that of subsequent links. The information on proposed investment for high-risk investments is made available in the language relevant to the country or region where the bulk of operations take place. Translations of any information into languages other than English are intended as a convenience for local stakeholders. In case of any discrepancy, the information provided in English will prevail.
Who is our customer
Ivory Cocoa Products S.A. is an Ivorian producer of semi-finished chocolate products. The company transforms locally sourced cocoa beans into liquor, butter, cake and powder. The company was founded in 2012 and is locally owned.
What is our funding objective?
The EUR 6mln facility will be used to expand the company’s processing capacity via refurbishing the existing processing lines, install roof-top solar panels and finance its permanent cocoa bean stock.
Why do we fund this investment?
Ivory Coast is the largest producer of cocoa and it is the country’s most important agricultural product. However, still a large part of the beans are exported with limited or no value addition locally. Supported by this investment, Ivory Cocoa Products will expand its capacity and product range thereby creating local employment, further professionalizing the Ivorian cocoa sector and generating value for the economy as well as reducing its carbon footprint
What is the Environmental and Social categorization rationale?
E&S category is B+ (medium risk). Core E&S risks are associated with flood risks, working conditions and occupational health and safety with a particular focus on sub-contractors and supply chain risks around deforestation and child labor in the cocoa primary production. Operational risks have been identified and addressed by respective mitigation measures throughout the life of the project, and the supply risks through a leverage plan. The following Performance Standards are triggered by the company’s operations: PS 1 – Assessment and Management of Environmental and Social Risks and Impacts, PS 2 – Labor and working conditions, PS 3 – Resource Efficiency and Pollution Prevention, PS4 -Community health and safety mostly related to ICP’s management of their waste e.g., wastewater which is linked already to PS3 and PS1. Other Performance Standards are not applicable such as : IFC PS 5 – Land Acquisition as the production expansion will not result in additional land acquisition, IFC PS 6 - Biodiversity Conservation, IFC PS 7 – Indigenous People and PS 8 – Cultural Heritage, as no indigenous people and no cultural sites are identified in the area of influence of the project.
More investments
| Date | Total FMO financing |
|---|---|
| 3/3/2023 | EUR 5.00 MLN |
| 12/13/2019 | EUR 4.00 MLN |
| 12/13/2019 | EUR 8.00 MLN |
- Region
- Africa
- Country
- Côte d'Ivoire
- Sector
- Agribusiness, Food & Water
- Publication date
- 11/14/2022
- Effective date
- 3/3/2023
- Total FMO financing
- EUR 1.00 MLN
- Funding
- FMO NV
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Risk categorization on environmental and social impacts, A = high risk, B+ = medium high risk, B = medium risk, C = low risk
Environmental & Social Category
(A, B+, B or C) - B+