Valency secures more debt for Ivorian cashew processing facility

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Singapore-based Valency International has secured debt from an additional nordic investor to support its development plans for its cashew processing business in Côte d’Ivoire. Having landed a $10 million debt facility from Finnfund a couple of weeks ago, Norfund announced that it is providing the business with another $10 million to finance Valency’s plans to expand its production capacity. As part of the deal, Norfund will have observer status on the company’s board of directors. The tenor and yield of the debt have not been disclosed.

Valency will use the finance to build a state-of-the-art processing facility and hub on the outskirts of Abidjan, making the business the leading cashew kernel processor in the country. Once operational, the new plant will be able to process 45,000 tons of raw cashews every year. The new plant will support as many as 2,000 employees and provide a source of income for 10,000 smallholder farmers. Given the amount of processing capacity the plant will have, it’s estimated it will positively impact up to 5% of Côte d’Ivoire’s cashew farmers.

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