MICROCAPITAL BRIEF: Oikocredit Opens $1.8m Credit Line for Cavica, Cashew Cooperative in Côte d’Ivoire

Netherlands-based cooperative Oikocredit recently agreed to loan up to EUR 1.5 million (USD 1.83 million) to support Côte d’Ivoire-based Coopérative avec Conseil d’Administration de Vivriers et de Cajou (Cavica) in the procurement, sale, storage and transport of cashews. Cavica Board Chair El Hadj Konate Arouna stated, “With this loan, we are able to better position ourselves on the international market. With the increase of working capital we are able to acquire the necessary logistics to achieve our business objectives and support improvements of the standard of living of farmers while achieving a higher social impact in the local communities.”

Founded in 2012, Cavica “works towards alleviating poverty in disadvantaged communities in the northern rural areas of Côte d’Ivoire and supports the development of farmer entrepreneurship.” The cooperative has 6,120 members and employs approximately 4,900 farmers who maintain 53,000 hectares of cashew orchards.

Founded in 1975, Oikocredit invests in microfinance, fair trade, agriculture and renewable energy. As of September 2020, it reports total outstanding capital of EUR 856 million (USD 1.05 billion), including investments in approximately 700 organizations.

By Harriet Ritchie, Research Associate

Sources and Additional Resources

Oikocredit press release
https://www.oikocredit.coop/k/en/n2613/news/view/342482/9049/oikocredit-invests-1-5-million-in-cavica-to-support-smallholder-cashew-producers.html

Oikocredit homepage
https://www.oikocredit.coop/

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