Foods'Co S.A.

Debt : March 2025

BIO has granted a EUR 3 M loan to Foods'Co, an Ivorian food processing company.

Amount

€ 3,000,000.00

Type of investment

Debt

Development impacts

Local economic growth
Private sector consolidation/innovation
Food security & rural development
Fight against climate change
Financial additionality

Beneficiary locations

Africa: Côte d'Ivoire

Investment field

Enterprises

Activity

A01.25 Growing of other tree and bush fruits and nuts

Organisation

Foods'Co S.A.

Domicile

Côte d'Ivoire

Foods’Co is an Ivorian agro-industrial company dedicated to promoting cashew-based products, with 100% Ivorian ownership. Founded in 2018, the company began full operations with the production of white cashew kernels at its factory in Béoumi, located in central Côte d’Ivoire, approximately 360 km from Abidjan.

Since October 2020, the company has expanded its focus to include the domestic market, working to popularise the consumption of cashew products within Côte d’Ivoire. Through its brand Anacadi, Foods’Co offers a range of snacks including grilled and flavoured kernels, as well as cashew pastes. Today, the company is deeply rooted in its rural ecosystem—evidenced by numerous CSR initiatives—and is the leading employer in the Béoumi region.

In addition to developing the Anacadi brand, Foods’Co has diversified into the production of Cashew Nut Shell Liquid (CNSL). This initiative addresses both economic and environmental challenges by transforming waste into valuable products. CNSL, which is primarily exported, has diverse industrial applications including in paints, surface coatings, varnishes, resins, polymers, and even as a biofuel. The project also includes the production of CNSL by-products such as briquettes, intended as a sustainable alternative to wood and charcoal for local households, and cashew cake, which will serve as biomass fuel for local industrial clients.

Development impacts

Local economic growth
Supporting an export-oriented company in a strategic sector for agriculture, while boosting export revenues, supporting and creating substantial jobs in remote areas.
Private sector consolidation/innovation
Greater domestic value creation thanks to the increase in the local processing capacity and the upgrade of the local value chain with nascent CNSL production.

Enhancing processing as CNSL extraction and briquette production allow turning agricultural wastes into valuable by-products, addressing important economic and environmental challenges for the development of the cashew nut value chain.
Food security & rural development
Increasing volumes of RCN - a crop which is drought-resistant and requires no chemical inputs. Also, a privileged relationship with the Carebio cooperative which organises small-scale cashew producers from neighbouring areas, and creating economic opportunities in a small rural town as current Food'sCo activity and future CNSL plant in Béoumi.
Fight against climate change
Increasing the production of CNSL, a relatively cheap and bio-based by-product that can be used as additive in various industrial applications or as biofuel, as well as supporting (i) the use of residual wastes from the production process as biofuel for onsite energy generation to reducing direct emissions from the factory and (ii) the use of charcoal briquettes from CNSL by-products as substitute to firewood and artisanal charcoal, therefore reducing other activities' GHG emissions.
Financial additionality
Financing of CNSL extraction that is a nascent activity in IVC with LT funding and adequate terms that is considered new and risky activity by local banks. In addition, there is a strong potential for BIO to play a catalytic role and attract new equity providers, following expected improvements in ESG and financial performance.

E&S Impact

BIO and Food’s Co agreed on a Environmental and Social Action Plan (ESAP) including actions related to the E&S management system (like hiring a 3rd HSE person, providing trainings, set up a grievance mechanism, and collect KPI), to employees’ working conditions (especially regarding the adoption of the night premium benefit, update of HR manual, elections of employees representatives, formalization of health and safety procedures and set up of ventilation and noise mitigants) and to pollution prevention (such as tracking of resource consumption, performing air emissions and a water quality analysis and depolluting the soil in an area of the plant).

Situation at the time of investment

Food’s Co holds several food safety certifications and has in place an HSE and quality team to oversee the E&S risks. Also, the Company has good relationship with the Béoumi community where it is the largest employer. It provides formal contracts and is aligning to the new national minimum wage. The company is willing to keep improving its E&S performance and is open to suggestions.

Risk category: B+