Tunisian olive oil producer CHO company clinches US$26m financing, management support from IFC

TUNISIA – One of Tunisia’s largest olive oil producers, CHO Company, has been offered a financing and advisory services package by World Bank Group’s IFC, to enable its scale up its operations. IFC has indicated that it will provide €22 million in financing with an eight-year tenor to its Tunisian partner since 2015. CHO will use the funds as working capital and to invest in new equipment, strengthen linkages with farmers and create new jobs in an economy that is recovering from the effects of COVID-19. Besides financing, IFC will…

Read More

Nigeria’s growing appetite for palm kernel oil, meal set to propel production rate

NIGERIA – Nigeria’s palm kernel oilseed production in marketing year (MY) 2021/22 (January-December) is expected to reach 900,000 metric tons (MT), up by 23 percent beyond the MY 2020/21 estimate of 730,000 metric tons. The rise in production, according to a GAIN report by USDA, is attributed to the rise in area harvested as the primary producers have been encourage by the increasing demand for palm kernel oil in the country. Currently, there is growing private sector investment in production of palm kernel for oil, with manufacturers like DUFIL, a…

Read More

Edible oils company Ozmirioglu enlists Myande Group for construction of Turkey’s largest edible oils crushing plant

TURKEY – Myande Group, a leading provider of equipment and engineering services in Oils and Fats, is set to undertake one of the largest multiple oil seeds crushing project in Turkey, in a move that cements an equipment solutions leader in the food industry.  According to a statement from the company, it has signed a contract with Ozmirioglu A.S for the construction of a 1,000 tons per day (TPD) multiple oilseeds crushing plant.  Upon successful completion and commissioning of the project, Ozmirioglu will become the proud owner of the largest cottonseed crushing plant in Turkey.  Ozmirioglu A.S. which has been in operation…

Read More

Olam Foods Ingredients scales up efforts to enhance sustainability in global cashew supply chains

UK – Olam Food Ingredients (OFI), has published new targets aimed at making the global cashew supply chain more sustainable and rewarding to the farmer.  According to OFI, despite cashews being in high demand, cashew farmers are among the poorest in the world with no enough income to feed their families, afford much-needed healthcare or send their children to school.   Through its new sustainability targets, OFI hopes to change this narrative and encourage others in the sector to collaborate for measurable change.   The Cashew Trail strategy sets 2030 targets across OFI’s cashew business – in line with the United…

Read More

Vital Capital Impact Relief Facility backs Kenyan macadamia nuts producer Privamnuts

KENYA – Kenyan producer and exporter of macadamia nuts, Privamnuts, has received an undisclosed amount of financing from Vital Capital, an Africa focused pioneering impact investor. Vital Capital issued the loan to Privamnuts, through its Vital Impact Relief Facility (VIRF), which was launched last year to help fundamentally sound African businesses navigate short-term challenges. Privamnuts, which sources its nuts from the slopes of Mount Kenya, provides a key link between the more than 10,000 smallholder farmers who represent its exclusive suppliers and the export markets, where Kenya is the third-largest…

Read More

Ivory Coast receives US$200m blended financing from Proparco, EAIF for establishment of oil palm waste electricity project

IVORY COAST – Biovea Energie, an Ivorian incorporated firm owned by Électricité de France (EDF), Meridiam and Biokala, a joint venture created by Meridiam and a major agro-industrial player in West Africa, Sifca has closed a financing deal for its Biovea project in the country. The Biovea project which seeks to set up the first biomass power plant with grid injection in Africa, is set to receive Euros 165m (US$200m) loan and Euros 13m (US$15.76m) grant from Proparco, the subsidiary of the French Development Agency (AFD) group responsible for financing…

Read More

AAK partners Mars, NGOs and impact investor to undertake decade-long sustainable shea initiative in Ghana

GHANA – The global specialist in plant-based oils, AAK, has joined forces with global confectionery, food, and pet care company Mars Incoporated, several leading NGOs, and an impact investment fund to undertake the Women in Shea (WISH) initiative in Ghana. WISH, scheduled to run until 2030, aims to improve the livelihoods of women working in Ghana’s shea supply chain. Stakeholders in the initiative have the common goal to bring economic and social benefits to 13,000 women shea collectors from more than 150 communities in Northern Ghana. It also seeks to…

Read More

Zambia, World Bank boost cashew nut production with launch of US$32.8m project

ZAMBIA – Zambia has partnered with the World Bank to undertake a US$32.8m cashew nut plantation initiative in the Easter Province of the South African country. The Zambia Integrated Forest Landscape Project (ZIFLP) aims to provide support to rural farmers, as well as to allow them to better manage the resources of their landscapes. The project’s focus is to reduce deforestation and unsustainable agricultural expansion, and enhances the benefits received from forestry and agriculture, in the quest to combat climate change. Once fully operational, ZIFLP will transform the economic statuses…

Read More

Ethiopia beefs up edible oil production with launch of new US$114m processing plant

ETHIOPIA – WA Group, Ethiopian multi-sectoral company has set the turbines rolling at its newly built Birr 5 billion (US$114m) edible oil processing plant. The recent investment is a move by the company from importation of edible oil into the country, to refining of crude palm oil imported from abroad, and crushing of locally sourced oil seeds such as niger seed, sesame seed, peanut, soya bean, and haricot bean. WA Oil Factory, located in Amhara Regional State, has the processing capacity of 1.3 million litres of edible oil daily. According…

Read More

Zambian palm oil processor Zampalm increases local production while regulatory body ZABS supports cashew farmers

ZAMBIA – Zampalm, subsidiary of Zambia’s national development finance institution, the Industrial Development Corporation (IDC), is seeking to boost production of crude palm oil in the country, by on-boarding 1,000 beneficiaries into its out-grower scheme. The oil palm out grower scheme, was commissioned in 2019 by President Edgar Chagwa Lungu, to increase domestic production of palm oil and its by- products, in a bid to meet the rising local demand. According to Zampalm General Manager, David Subakanya, the processor targets to cultivate over 5,000 hectares by 2025 through the out-grower…

Read More