Financial institution EBRD supports Tunisia’s olive-oil sector with US$7m financing to COGIA SA

TUNISIA – The European Bank for Reconstruction and Development (EBRD) has dished out a TND 20 million (US$7.19 million) loan to Compagnie Générale des Industries Alimentaires (COGIA SA), one of Tunisia’s largest producer and export of olive oil. COGIA is a subsidiary of United Arab Emirates-based IFFCO Group, with a diversified portfolio of value-added sustainable foods, consumer products and services across the Middle East, Africa, southeast Asia and Europe.  The funds will enable the producer of Rahma, Allegro and SanMarco brands, to grow its sourcing, bottling and exports of Tunisian…

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AAK to acquire BIC Ingredients to bolster presence in Europe’s lecithin market

NETHERLANDS – AAK, one of the leading suppliers of plant-based oils, is in the process of acquiring BIC Ingredients, the lecithin arm of BIC International Holding.  According to a statement from the company, the acquisition will significantly increase its footprint in the European lecithin market and further its strategy of becoming a key supplier of specialty lecithin.  Located in ‘s-Hertogenbosch, Noord-Brabant, Netherlands BIC Ingredients supplies non-GM specialty lecithin and lecithin compounds.   Lecithin is a natural emulsifier produced from plant-based oils such as soy, sunflower, and rapeseed.  Upon successful acquisition, AAK plans to integrate…

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Nigerian Agritech startup Releaf secures US$4.2m funding, grant to boost oil palm processing

NIGERIA – Nigeria-based agritech startup Releaf has secured US$2.7-million in a seed funding round to enable the development of industrial food processing technology in the country’s smallholder-driven oil palm sector. Founded by Ikenna Nzewi and Uzoma Ayogu, Releaf is an agricultural technology company that develops proprietary hardware and software solutions that makes African farmers and food factories more efficient and profitable. Starting with Nigeria’s US$3 billion vegetable oil market, Releaf ensures smaller factories are set up near smallholder farmers, enabling the former to get better processing yields and fewer logistics…

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Old Mutual managed fund ULIMI backs growth of Malawi’s macadamia sector with investment in Gala Agriculture

MALAWI – ULIMI Fund, a private equity fund managed by Old Mutual Investment Group Malawi, has made an undisclosed amount of investment in Gala Agriculture Company, a macadamia plantation in Malawi. Gala Agriculture Company operates 12 farming estates spanning 6,000 ha and has made considerable progress towards building a state-of-the-art export driven operation, which is already delivering significant social, environmental and community benefits. The company will use the equity investment to double their macadamia plantations and production facilities over the next five years. “We are delighted to partner with Old…

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Solidaridad promotes development of sustainable cocoa, oil palm value chains in Ghana

GHANA – Solidaridad, an international civil society organization, has launched a project in Ghana christened “Reclaim Sustainability! Programme” to promote inclusive and sustainable supply chains in the country. The five-year programme, seeks to contribute to sustainable and inclusive cocoa and oil palm supply chains, in which producers receive a fair value for their produce and work under safe conditions, without the use of child labour, and land rights and ensure the protection of the forest. It also seeks to improve the capacity of cocoa and oil palm farmers to bargain…

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Bunge raises full year outlook as Ardent Mills’ earnings rise sharply in Q2

US – Missouri-based oilseed processor Bunge has raised its fiscal-year outlook for a second time this year following an impressive first half that included a strong performance in Refined and Specialty Oils.  The company reported six-month net sales of US$28.35 billion, a 52% jump from $18.64 billion achieved in the same time of the previous year.  Over the first six months of the 2021 fiscal year, Bunge reported a net income of US$1.19 billion, or US$7.85 per share on the common stock, which more than tripled the net income of US$332 million achieved…

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Upfield introduces Altis Extra Virgin Olive Oil in Kenya promoting healthy living

KENYA – Upfield, the global leader in plant-based nutrition, has expanded its product portfolio in Kenya with the launch of Altis Extra Virgin Olive Oil. The oil, produced in Greece, is widely enjoyed in several countries across the globe, making Kenya its latest market. According to the Blue Band margarine maker, the edible oil is 100% natural olive oil made from olives by cold extraction which ensures the oil offers extensive nutritional benefits. It has low acidity, maintains natural aroma of fresh olives, green herbs and apple, combined harmoniously for…

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Cashew Watch Ghana launched to advocate for growth of sector

GHANA – The Cashew Watch Ghana (CWG), a new civil society organisation has been inaugurated in Ghana to champion the growth and development of the cashew industry in the country. CWG has been formed to promote revolution in the commodity space through advocacies for the formulation and implementation of national policies, that would transform the industry as a vehicle to push rapid socio-economic growth and development. Among other objectives, the network seeks to advocate competitive price for the commodity for the betterment of all the value chain actors, reports Ghana…

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Philippines bans use of trans fat to control spread of non-communicable diseases

PHILIPPINES – The Philippines government is stepping up efforts to protect its people from non-communicable diseases with a new order against the production of industrial trans fats.  Titled the “National Policy on the Elimination of Industrially Produced Trans-Fatty Acids for the Prevention and Control of Non-Communicable Diseases,” the new administrative order (AO) aims to remove trans fats from the Fili by 2023.  Under the AO, industrially produced TFA and processed food products containing TFAs shall be prohibited from being produced, imported, and distributed for commercial sale.  Once it becomes effective, it will be illegal to sell Partially-Hydrogenated Oils (PHO) to…

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Global nuts supplier RRF, USAID to boost West Africa’s cashew nut value chain with US$3m investment

WEST AFRICA – Red River Foods (RRF), a leading global supplier of nuts, seeds, dried fruit, and specialty snacks, has entered into a US$3 million co-investment partnership with the USAID-funded West Africa Trade & Investment Hub (Trade Hub), to build a sustainable root to market channel for West Africa’s cashew nut produce into the U.S. market. This partnership builds on the U.S. Government’s Prosper Africa initiative to increase two-way trade and investment between the United States and Africa, as nearly US$32 million in exports are anticipated from activities to boost…

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