Offshore backer doubles down on Beninese cashew processor Africa Negoce

 Offshore backer doubles down on Beninese cashew processor Africa Negoce

Africa Negoce Industries (ANI), a cashew trading and processing company in Benin, that had attracted debt capital from an international impact investor last year has got additional funding that will support it in procuring and storing raw cashew nuts and for processing the nuts into white cashew kernels for export.

Social impact investor Oikocredit has provided a credit line of €2.7 million to ANI. This follows a €2 million loan provided by Oikocredit to the company last year.

Promoted by Moussa Do Rego, ANI buys and processes cashew nuts into export kernels and derivatives. Its website says the company is also planning to develop the production of finished products for consumption (roasting of cashew kernel).

The credit line will also enable ANI to expand its sourcing network among smallholder farmers and to strengthen its relationships with international buyers.

ANI has been active for nearly 10 years in cashew trading. For the last five years, ANI has worked in cashew processing and export to international food markets.

It works with more than 2500 farmers organised in federations of cooperatives. The firm has also supported farmers and their communities with agricultural tools, pesticide protection equipment kits, school kits and the enrolment of farmers into the UTZ certification program.

Yves Komaclo, Oikocredit’s Investment Manager for West Africa, stated: “Our collaboration is helping sustain a growing market outlet for farmers based in the disadvantaged Central and Northern Benin communities. This new credit line will further strengthen Africa Negoce’s resilience and export capacity.”

In another deal in the cashew space, Finnfund recently backed Valency’s cashew processing unit in Ivory Coast.

Sumit Upadhyaya

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