IVORY COCOA PRODUCTS SOCIETE ANONYM
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 12mln facility will be used to expand the company’s processing capacity, make its operations more efficient 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.
What is the Environmental and Social categorization rationale?
E&S category is A (high risk). Core E&S risks, associated with biodiversity and labour issues in the cocoa primary production, are addressed by respective mitigation measures throughout the life of the project. The following Performance Standards are applicable: 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, PS 4 – Community Health, Safety and Security and PS 6 – Biodiversity Conservation and Sustainable Management of Living Natural Resources. IFC PS 5 – Land Acquisition is not applicable for the factory as the project is located at the existing company site. E&S Due diligence did not identify land grabbing being associated with ICP cocoa supply chain. IFC PS 7 – Indigenous People and PS 8 – Cultural Heritage are not applicable, 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 1.00 MLN |
| 3/3/2023 | EUR 5.00 MLN |
| 12/13/2019 | EUR 8.00 MLN |
- Region
- Africa
- Country
- Côte d'Ivoire
- Sector
- Agribusiness, Food & Water
- Publication date
- 10/8/2019
- Effective date
- 12/13/2019
- Total FMO financing
- EUR 4.00 MLN
- Funding
- Building Prospects
-
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) - A