FMO, the Dutch entrepreneurial development bank, has signed a EUR 20 million working capital facility with Ivory Cocoa Products S.A. (ICP), one of Côte d'Ivoire's leading local cocoa processors. The four-year facility, consisting of a EUR 15 million committed and a EUR 5 million uncommitted tranche, will support the procurement of high-quality, sustainably sourced cocoa beans to maintain a steady supply for local processing during a period of volatility in global cocoa markets. The transaction marks FMO's third investment in ICP since 2019 and highlights FMO’s ambition to deepen its engagement in West Africa, building on its growing regional presence with the opening of its office in Abidjan.
Established in 2010 and headquartered in San Pedro, ICP has expanded its processing capacity to approximately 90,000 tones. Over the past seven years, FMO has supported this growth, including the installation of a processing line supplied by Dutch cocoa equipment manufacturer Royal Duyvis Wiener. The company sources most of its cocoa from Rainforest Alliance-certified farmer cooperatives, supporting smallholder farmers and promoting responsible and sustainable procurement practices throughout its value chain.
Côte d'Ivoire produces around 40% of the world's cocoa, while most of it is still exported before conversion into higher-value products. ICP helps retain more value within the national economy by processing cocoa locally into semi-finished products such as cocoa butter, cocoa liquor, and cocoa cake. These products are supplied to international markets, where they are used to create consumer goods such as chocolate and cosmetics. This local value addition supports jobs, industrial development, and export revenues in the country.
Through its collaboration with Theobroma B.V., an Amsterdam-based cocoa trading company and the Dutch subsidiary of ECOM Agroindustrial Corp, ICP benefits from access to international markets and technical expertise. This strengthens trade links between Côte d'Ivoire and the Netherlands, connecting locally processed cocoa products with global demand.
Hans Bogaard, Director of Agribusiness, Food & Forestryat FMO, said, “This investment reflects FMO's commitment to building more sustainable and inclusive agricultural value chains, and supports the links between Dutch and African businesses. Through our partnership with ICP, we are promoting local value addition in Côte d'Ivoire's cocoa sector while contributing to more resilient supply chains. As we expand our presence in West Africa, FMO remains committed to providing long-term financing and creating lasting economic value, even in challenging market conditions."
Ismail El Khalil, Chief Executive Officer of Ivory Cocoa Products, said, “We are grateful to FMO for its longstanding partnership. This investment supports our ambition to continue playing a role in Côte d'Ivoire's growing cocoa processing industry. Building on the progress made over recent years, it will help strengthen relationships with local cooperatives and contribute to local economic growth and greater value addition within Côte d'Ivoire's cocoa sector.”
About Ivory Cocoa Products
Ivory Cocoa Products S.A. (ICP) is a cocoa bean processing company based in San-Pédro, Côte d'Ivoire. Founded in 2010, the company began operations during the 2012/2013 cocoa season and has grown into one of the country's leading locally owned cocoa processors. ICP produces a full range of semi-finished cocoa products and currently ranks among the largest cocoa processors in Côte d'Ivoire
