Comafruits SA

Debt : June 2022

BIO has granted a EUR 2.5 M loan to Comafruits, a fruit processing company in Mali.

Amount

€ 2,500,000.00

Type of investment

Debt

Development impacts

Private sector consolidation/innovation
Fight against climate change

Beneficiary locations

Africa: Mali

Investment field

Enterprises

Activity

C10.33 Other processing and preserving of fruit and vegetables

Organisation

Comafruits SA

Domicile

Mali

Comafruits is a fast-growing mango processing company based in one of the main mango production basins of Mali called Sélingué (130 km south from Bamako).

The factory started operations in 2011/2012. In 2018/2019, the company raised additional capital to fund the growth plan but also to initiate the transition to a real formal company.
The company envisions to pursue this path of growth and institutionalization. Comafruits is raising funding to finance additional frozen mango processing capacities and solar power electricity generation.

Comafruits transforms fresh mango into mango purée, mango concentrates and - very recently - frozen mango. Each product can be either Organic or conventional.

Development impacts

Private sector consolidation/innovation
Know-how and technology transfer

BIO funds will be used to acquire equipment that will allow Comafruits to produce frozen mangoes. It is the first company in Mali (and one of the few in the sub-region) to acquire such equipment and the first to produce frozen mangoes in Mali.

Comafruits has made it a custom to bring in a technical consultant during campaign season to train the local team on mango purée. This tradition will be continued for the frozen mango line, as the company invited external consultants to put the new equipment into service and to train the staff. Comafruits expects to maintain the training in future campaigns until a complete transmission of know-how.

Part of the funds will be used to acquire PV solar panels to meet in part the energy needs of the plant.

Market structuring effects

Mali faces strong competition with more established neighbours with an established reputation for dried Mango. This is why it is important for the Malian mango processing industry to target niche markets and products and segments of the European market.
Fight against climate change
Comafruits expects to install 1MW PV solar panels to produce a share of the energy needed for the processing of both purée and frozen mango.

E&S Impact

Comafruits will

improve the environmental and social management system (ESMS) and procedures;
formalise the HR policy, create a manual and introduce contracts with seasonal workers;
conduct a safety audit of the factory, update Occupational Health & Safety (OHS) policies and provide OHS training to workers;
improve the supply chain strategy and documentation, continue to provide technical assistance and introduce a complaints mechanism.

Current situation

Comafruits currently works with over 3000 smallholders, conventional, Fairforlife and organic certified. Their ESMS is based on a series of satisfactory procedures and processes.

Risk Category: B