Ivory Cocoa Products secures US$23.23M working capital facility
The four-year financing will help ICP secure sustainably sourced cocoa beans and strengthen local processing as Côte d’Ivoire expands value addition in the cocoa sector.
IVORY COAST – FMO, the Dutch entrepreneurial development bank, has provided a €20 million (US$23.23M) working capital facility to Ivory Cocoa Products S.A. (ICP), a leading cocoa processor in Côte d’Ivoire.
The four-year facility comprises a €15 million committed tranche and a €5 million uncommitted tranche. It will enable ICP to procure high-quality, sustainably sourced cocoa beans and maintain reliable supplies for its local processing operations amid volatility in global cocoa markets.
The financing marks FMO’s third investment in ICP since 2019 and comes as the development bank expands its presence in West Africa following the opening of its office in Abidjan.
Founded in 2010 and headquartered in San Pedro, ICP has expanded its cocoa processing capacity to approximately 90,000 tonnes. FMO has supported the company’s development over the past seven years, including the installation of a processing line supplied by Dutch cocoa equipment manufacturer Royal Duyvis Wiener.
ICP sources most of its cocoa from Rainforest Alliance-certified farmer cooperatives, supporting smallholder farmers and promoting responsible sourcing practices across its supply chain.
ICP processes cocoa locally into semi-finished products including cocoa butter, cocoa liquor and cocoa cake.
The products are exported to international markets for use in consumer goods such as chocolate and cosmetics. The company’s processing activities support local employment, industrial development and export revenues while contributing to value addition within Côte d’Ivoire’s cocoa industry.
Hans Bogaard, Director of Agribusiness, Food & Forestry at FMO, said the financing reflects the bank’s focus on sustainable agricultural value chains.
“This investment reflects FMO’s commitment to building more sustainable and inclusive agricultural value chains, and supports the links between Dutch and African businesses,” Bogaard said.
“Through our partnership with ICP, we are promoting local value addition in Côte d’Ivoire’s cocoa sector while contributing to more resilient supply chains. As we expand our presence in West Africa, FMO remains committed to providing long-term financing and creating lasting economic value, even in challenging market conditions,” he added.
Ismail El Khalil, Chief Executive Officer of Ivory Cocoa Products, said the financing would support the company’s continued development.
“We are grateful to FMO for its longstanding partnership. This investment supports our ambition to continue playing a role in Côte d’Ivoire’s growing cocoa processing industry,” El Khalil said.
“Building on the progress made over recent years, it will help strengthen relationships with local cooperatives and contribute to local economic growth and greater value addition within Côte d’Ivoire’s cocoa sector,” he added.
The facility will provide ICP with additional working capital to secure cocoa supplies while supporting its local processing operations and continued value creation in Côte d’Ivoire’s cocoa industry.
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