Originally published by Trade Hub Communications
In March 2017, the Ivorian cashew company, Ivorienne des Noix de Cajou (INC) received a loan of $8 million. This capital will enable INC to build a modern cashew-processing facility that will employ 300 full-time staff and secure about 6,000 MT of raw cashew nuts for processing.
This loan is the second of two loans that INC received with the assistance of a Trade Hub Financial Advisor. In July 2016, the Trade Hub connected INC with one of its Financial Advisors, who helped the company apply for and receive its first loan of $5.4 million from a local affiliate of one of the largest global banks. The Financial Advisor then worked with INC to raise capital to construct its new facility, resulting in the second loan of $8 million. Now INC’s investments total is $13.5 million — $4 million of which the United States Agency for International Development (USAID) Development Credit Authority (DCA) will guarantee.
With the proper funding, the construction of INC’s facility is now underway and the company expects to start their processing activity in late August 2017.
Banyan Global is a subcontractor to Abt Associates on the West Africa Trade Hub Project.