Prosper Cashew facilitates EUR 2 million loan to Foods’Co
In the first quarter of 2023, Prosper Cashew project, funded by USDA Food for Progress program, facilitated access to a EUR 2 million loan from Oikocredit to Foods’Co. Foods’Co will use the three-year loan to purchase raw cashew nuts (RCN) and to cover transportation and storage expenses.
“This loan will be very important for us as it enables us to secure our RCN sourcing and reach the target we have regarding our projection plan for this year. We plan to process 50,000 tons at our main plant in Beoumi. With this new plant, we will be able to secure at least one-third of this target”. Aziz Sanogo, Chief Finance Officer, Foods’Co.
Founded in 1975, OikoCredit is a social impact investor headquartered in Amersfoort, the Netherlands, with offices in more than 30 countries across Africa, Asia and Latin America. Additionally, OikoCredit provides loans, equity and capacity building to small and medium-sized enterprises (SMEs), cooperatives, fair trade organizations and microfinance institutions while promoting sustainable development.