EDFI AgriFI invests $ 1.5 million in Kentaste to improve Kenyan organic coconut farmers’ livelihoods.
Founded in 2014, Kentaste is a manufacturer and distributor of FMCG (fast moving consumer goods) with a product line based on coconuts. It includes coconut milk, coconut cream, virgin coconut oil and desiccated coconuts. The company is based along Kenya’s coast (Kwale and Kilifi counties) where they have a network of around 2,700 smallholder farmer suppliers, of which 1,800 are certified organic and fair trade. The goal of the project is increase its production capacity and contribute to high Environmental and Social standards. AgriFI finances Kentaste’s growth with a long-term senior term loan facility of $1.5 million. It will enable the company to increase its processing capacity from 30,000 to 60,000 coconuts per day.
EDFI AgriFI want to accompany Kentaste growth via:
- investments that improve its production (from 30,000 to 60,000 coconuts/day) primarily via processing facility,
- equipment and machineries for the production of virgin coconut oil, desiccated coconut, coconut milk and cream;
- supporting long-term working capital needs contribute to source more products from smallholder farmers and support the ramp-up of Kentaste.
EDFI AgriFI expects to reach some 5,000 smallholders by
- Local economic growth and creation of added value in the host country;
- Creation of income opportunities and rural development;
- Farmers’ empowerment and entrepreneurship;
- Environmental impact – Kentaste encourages farmers to use an agroforestry model, contributing to reforestation and climate change adaption/mitigation
€ 1.2 million