Ivory Cocoa Products S.A.
Status: Proposed investmentWhy disclosure?
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In case of questions
We welcome feedback on this proposed investment opportunity for FMO. The ending of the proposed investment phase is indicated on the right side of this page. In case of questions, please contact us at disclosure@fmo.nl
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 prospective customer?
Ivory Cocoa Products S.A. is an Ivorian producer of semi-finished chocolate products. The company processes locally sourced cocoa beans into liquor, butter, cake, and powder. Founded in 2012, it is a locally-owned business.
What is our funding objective?
The proposed facility comprises a EUR 15 million committed tranche and a EUR 5 million uncommitted tranche. It will finance part of the permanent working capital requirements of Ivory Cocoa Products S.A. FMO will provide flexible funding, enabling the company to source high-quality, sustainably-produced beans early in the procurement season.
Why do we want to fund this investment?
Ivory Coast is the world’s largest producer of cocoa, making it the country’s most important agricultural commodity. However, a significant share of cocoa beans is still exported with limited or no local value addition. Through this investment, Ivory Cocoa Products will source cocoa beans from local smallholder cooperatives and increase the share of beans processed domestically. This will support job creation, further professionalize the Ivorian cocoa sector, and enhance value creation within the national economy. The company is also improving sustainability practices with a number of cooperatives from which it directly sources cocoa. Most of the sourced beans are Rainforest Alliance certified.
What is the Environmental and Social categorization rationale?
The environmental and social (E&S) category is B+. Core E&S risks are associated with flood risk, effluent treatment, working conditions and occupational health and safety with a particular focus on sub-contractors and supply chain risks regarding child labor and deforestation in cocoa production. Operational risks identified will be addressed as part of developing and implementing an E&S Management System. Supply risks will be covered through a roadmap addressing identified risks in the supply chain. The following IFC Performance Standards (PS) 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 PS 6 – Biodiversity Conservation for supply chain. Performance Standards which are not applicable: PS 5 – Land Acquisition as the investment does not require land acquisition, IFC PS 7 – Indigenous People, and PS 8 – Cultural Heritage, as no indigenous people and no cultural sites are identified in the project area of influence.
More investments
| Date | Total FMO financing |
|---|---|
| 3/3/2023 | EUR 1.00 MLN |
| 3/3/2023 | EUR 5.00 MLN |
| 12/13/2019 | EUR 4.00 MLN |
| 12/13/2019 | EUR 8.00 MLN |
- Website customer/investment
- https://ivorycocoaproducts.ci/
- Region
- Africa
- Country
- Côte d'Ivoire
- Sector
- Agribusiness, Food & Forestry
- Publication date
- 6/22/2026
- Deadline for feedback
- 8/21/2026
- Total FMO financing
- EUR 15.00 MLN
- Funding
- FMO NV
-
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+
- Translation
- https://www.fmo.nl/ivory-cocoa-products