COTE D’IVOIRE – British International Investment (BII) has committed USD 15 million to Valency International, a Singapore-based commodities trading company, to support cashew nut processing in Côte d’Ivoire.
The funding was announced on Tuesday, 28 January 2025, and will be used to finance Valency’s newly inaugurated processing facility in Attingue.
The plant, which was officially opened on Monday, 27 January 2025, has a capacity of 45,000 metric tonnes. BII noted that the investment will also help develop a facility to convert cashew shells into biochar and biofuels.
“The additional capital will support Valency’s financing needs for its new 45,000-tonne cashew processing plant, as well as the development of a new bioproducts plant to transform cashew shells into biochar and biofuels,” BII stated.
Currently, Côte d’Ivoire processes only 34% of its annual cashew production, despite being the world’s leading producer and exporter. Authorities have set a goal to increase local processing to at least 50% by 2030.
The cashew sector contributes between 8 and 9% of the country’s GDP, following coffee and cocoa, which account for about 15%.
This latest investment is expected to strengthen local agricultural value chains by providing better access to sustainable markets. It will also generate 2,000 jobs, the majority of which will be held by women, and support 50,000 smallholder farmers through fair trade practices.
The new funding brings BII’s total investment in Valency International to USD 30 million. In December 2023, the company secured USD 15 million from BII to expand operations in Nigeria, including constructing new food processing and warehousing facilities.
Major milestone for local processing
The opening of Valency’s plant follows another significant development in the sector. One of the world’s largest cashew processing plants was recently inaugurated in Abidjan.
The Prime Minister of Côte d’Ivoire, Mr. Robert Beugré Mambé, was represented at the event by Minister of Industry Dr. Souleymane Diarrassouba.
This facility, backed by a USD 10 million investment from Norfund, Finnfund, British International Investment, ABSA Bank, and the International Finance Corporation (IFC), is part of a broader effort to retain more economic value within the country.
With a total investment of USD 40 million, the plant is expected to process up to 45,000 metric tonnes of raw cashew nuts per year, generating approximately USD 70 million in annual export revenue.
It is also expected to have a significant impact on employment, with women holding about 80% of the 2,000 jobs created.
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