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Swedfund supports increased local processing capacity in African through a working capital loan of up to USD 15 million to Robust International (Robust). The loan is part of a joint initiative together with the Dutch, British and French development finance institutions and the Dutch fund manager ILX.
The loan will enable Robust to source local commodities to new processing facilities and thereby spur job creation, economic growth and trade. The company will buy sesame seeds and cashew nuts directly from cooperatives, aggregators and farmers locally to support operations at its new processing facilities in Côte d’Ivoire, Mozambique and Burkina Faso.
Africa exports many agricultural products for processing and refining. Robust now takes the step to do this locally instead, leading to job creation, development of the local supply chains, increased capacity and lower emissions. Robust has a strong focus on human rights and decent conditions for workers and farmers in their supply chain. Through the working capital facility, we offer funding where local banks are not able to, says Sofia Gedeon, Head of Sustainable Enterprises and Food Systems, Swedfund.
Robust is a multi-national trader of agricultural commodities, specialising in sesame seeds and cashew nuts, sourcing primarily from East and West Africa. Swedfund now joins FMO (the Dutch entrepreneurial development bank), British International Investment (BII), Proparco and ILX, the Dutch fund manager, to further support the development of enhanced local processing. The total working capital facility amounts to up to USD 105 million.
