Investment fund Moringa which focuses on sustainable agro-forestry project across sub-Saharan Africa and South America, has invested in Tolaro Global, leading firm in cashew processing and export in Benin. The fund made the announcement in a statement released today.

The new investment aims to expand the Tolaro’s shelling plant and boost its raw cashew output to 20,000 Mt by 2021. Moreover, the Benin firm will use part of the fund’s investment to build a cashew roasting/spicing factory. Once the infrastructure goes online, Tolaro Global will become West Africa’s leading exporter of spiced and roasted cashew packages 100% made in Africa.

We are very enthusiastic of our partnership with Moringa, said the firm’s heads Jace Rabe and Serge Kponou. It will help us achieve our plans in West Africa’s cashew processing sector. To rapidly do so, securing partners such as Moringa will be primordial, they said.

It should be recalled that Tolaro Global was founded in 2008. It processed last year 2,500 Mt of cashew at its factory in Parakou, in the Northern part of Benin.