IVORY COAST – AgDevCo, a British investor specializing in African agriculture, has concluded a €5.5 million (US$5.8 million) mezzanine debt investment in the agribusiness sector in Côte d’Ivoire.
The investment has been received by Afrique Phyto Plus (A2P), an Ivorian company trading and production of agricultural inputs also operating in Mali, Burkina Faso, and more generally in West Africa.
Founded in 2013 by three Ivorian entrepreneurs, Mohamed Hamza, Romarick Olomon, and Stéphane Apoque, A2P specializes in the import, distribution, and mixing of conventional and organic phytosanitary products as well as in the distribution of seeds.
The company also promotes precision agriculture through its subsidiary Investiv’, in particular through the use of drones for the application of phytosanitary products. The group supplies small farmers through wholesalers, commercial plantations, and public organizations.
By providing long-term capital, AgDevCo’s investment will support the expansion of A2P’s distribution capacity throughout West Africa and its entry into new markets in the regions of the Sahel and Central Africa.
The investment will also help increase the volumes and availability of safe and profitable inputs for farmers in Côte d’Ivoire and the sub-region, helping to facilitate yield growth and promote food security.
According to Romarick Olomon, the investment of 5.5 million euros from AgDevCo will strengthen the financial structure of A2P thanks to this flexible long-term financing and allow the group to expand its geographical footprint beyond West Africa through the construction of a state-of-the-art processing plant, a modern storage facility as well as the implementation of our ESG strategy.
Kweku Koranteng, Investment Director for West Africa commented: “Faced with the challenges of climate change, it is important that farmers can have access to safe and high-quality inputs to maximize their harvests and increase their incomes.
“We are happy to accompany A2P to expand their activities on the African continent and help them develop their innovative precision agriculture offer.”
In early 2022, AgDevCo secured $90 million in funding from British International Investment (BII), Norfund, and the US International Development Finance Corporation (DFC) aimed at enabling the specialist investor to grow its investment business in agriculture in sub-Saharan Africa.
On Nov 26, 2022, A2P in collaboration with Sud Comoé rubber company (SCC) inaugurated a planter’s shop to facilitate their access to quality agricultural inputs on its Aboisso site.
Olivier Martin, SCC General Manager, said the company has initiated this “innovative” project to achieve an overall objective of sustainability in the use of phytosanitary products while having control and traceability of the waste disposal circuit from the use of these products.
He pointed out the planter’s shop will market inputs for all the other crops practiced in the region: cocoa, palm but also food, and market gardening.