TGVC Guarantee backs €3 million BIO loan to Foods’Co for cashew by-product innovation in Côte d’Ivoire
EDFI Management Company supports BIO’s investment with a guarantee to scale sustainable cashew processing and reduce environmental impact
BRUSSELS, Belgium – 04 December 2025 – EDFI Management Company, through its Transforming Global Value Chains (TGVC) programme, has provided a guarantee to cover a €3 million senior loan provided by BIO – the Belgian Investment Company for Developing Countries – to Foods’Co, a cashew processor based in Côte d’Ivoire. The loan will finance the construction and operation of a Cashew Nut Shell Liquid (CNSL) extraction facility adjacent to Foods’Co’s existing shelling plant.
The TGVC guarantee supports a project that enhances both the economic value and environmental sustainability of cashew processing. Two-thirds of the loan will be allocated to capital expenditures and construction of the CNSL plant, while the remaining third will support working capital needs, as production began in the fourth quarter of 2024.
“This investment demonstrates how blended finance can support industrial innovation in value chains that are both economically and environmentally strategic,” said Fadila Hamdane, Chief Partnerships Officer at EDFI Management Company. “By backing BIO’s loan to Foods’Co, we are helping to scale a circular economy model that reduces waste and creates new income streams in a fragile context.”
The new facility enables the extraction of CNSL and the production of by-products such as briquettes and cashew cake. These outputs offer sustainable alternatives to wood and charcoal for local households and serve as biomass fuel for nearby industries. By converting waste into value-added products, the project addresses key environmental challenges, including the safe disposal of acidic cashew shells, which are otherwise flammable and slow to biodegrade.
“BIO is pleased to support Foods’Co in its efforts to expand sustainable cashew processing in Côte d’Ivoire,” said Joris Totté, CEO at BIO. “The CNSL facility will not only improve resource efficiency but also contribute to local energy solutions and job creation. The investment therefore ticks many of BIO’s boxes in terms of impact.”
Côte d’Ivoire is classified as a Fragile State and an EU Policy Priority Country, which are strategic focuses for TGVC.
About EDFI Management Company
EDFI Management Company (EDFI MC) is a multilaterally owned impact asset manager which delivers innovative development finance solutions that enable European DFIs, development banks and private sector investors to increase the scale and impact of their work. The company focuses on business models, technologies and geographies where other investors have not been able to operate at the desired scale given their resources and investment criteria. For more information, visit www.edfimc.eu
About EDFI Transforming Global Value Chains (TGVC) Programme
The EDFI Transforming Global Value Chains (TGVC) Programme is a joint EFSD+ guarantee programme developed by European Development Finance Institutions and EDFI Management Company under the EU’s Global Gateway. The Programme supports and de-risks debt investments in companies and projects that make global value chains more sustainable, inclusive, and resilient, with a focus on high-impact sectors and challenging markets. For more information see https://edfimc.eu/what-we-do/transforming-global-value-chains-tgvc/
About BIO
BIO is the Belgian Development Finance Institution and investment arm of Belgian international cooperation. It supports the growth of a strong, locally anchored private sector in Africa, Latin America, Asia, and Ukraine. BIO’s investments create jobs and generate local tax revenues, attract additional private investments, focus on sectors often lacking access to capital and respect local priorities. Priority areas include sustainable agriculture, local value chains, renewable energy, and inclusive financial services, with special attention to women’s economic inclusion. For more information: www.bio-invest.be
About EFSD+
The European Fund for Sustainable Development Plus (EFSD+) is the financing arm of the EU’s Global Gateway strategy. It provides guarantees and blended finance instruments to support investments that contribute to sustainable development, particularly in fragile and emerging markets.
About Global Gateway
Global Gateway is the European Union’s strategy to boost smart, clean, and secure connections in digital, energy, and transport sectors, and to strengthen health, education, and research systems across the world. It aims to mobilise up to €300 billion in investments between 2021 and 2027 to support sustainable and trusted partnerships globally.
