Project detail - IVORY COCOA PRODUCTS SOCIETE ANONYM

IVORY COCOA PRODUCTS SOCIETE ANONYM

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Who is our client

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.

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 we fund this project

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.

Environmental and social 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
12/13/2019 EUR 8.00 MLN
Region
Africa
Country
Côte d'Ivoire
Sector
Agribusiness, Food & Water
Signing date
12/13/2019
Total FMO financing
EUR 4.00 MLN
Fund
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