Finance

IFC to commit €22 million in financing to Tunisian olive oil producer CHO Group

Monday, 05 July 2021 15:49
IFC to commit €22 million in financing to Tunisian olive oil producer CHO Group

(Ecofin Agency) - CHO Group, a Tunisian-based producer and exporter of organic and natural olive oil will receive up to €22 million in financing from the International Finance Corporation (IFC). The financing package will be used by CHO as working capital and for investment in new equipment.

The US-based development finance institution will not just be providing the funds but will also be providing advisory services to small-holder olive farmers in CHO's supply chain to help them improve productivity.

"Supporting a company like CHO and the thousands of farmers who rely on it for their livelihoods will help create jobs and rekindle economic growth as Tunisia recovers from COVID-19," said Georges Joseph Ghorra, IFC's Resident Representative in Tunisia. "IFC's long-term financing, with an eight-year tenure, is a strong testament to our additionality in the Tunisian market as a countercyclical development partner," he added.

According to Tunisian Agriculture Ministry, olive oil constitutes half the country’s agricultural exports. The country's primary export markets for olive oil are Europe and the United States, with 8% sold in bottles in 2019/2020. However, the market faces challenges in marketing and declining prices in international markets.

Tunisia’s olive oil exports experienced substantial growth in 2020 (350 thousand tons), increasing significantly compared to the previous year which yielded 140 thousand tons. With this production capacity, Tunisian olive oil remains unfamiliar to many foreign consumers. According to Chokri Bayoudh, director-general of the Tunisian National Oil Officer, this unawareness is partly because the country exports its products largely in bulk, mostly to Italy and Spain.

In this vein, policies have been put in place to increase the annual average production of olive oil from 180,000 MT to 250,000 MT by 2025 and aim to export 50 thousand tons of packaged olive oil by 2025. This will be achieved via an aging olive tree renewal plan, representing 20 percent of olive trees, as well as plans for new plantations in northwest Tunisia.

Solange Che



 
Telecom


 
Public Management


Ecofin Agency covers the news from 9 business sectors in Africa: Public management, Finance, ICT, Agribusiness, Electricity, Mining, Oil and Gas, Comms and Laws. Ecofin Agency is also creating and management specialized medias, in paper and on the web/social networks, for institutions or African publishers.

AGENCE ECOFIN

Mediamania Sarl
Rue du Léman, 6
1201 Genève
Tél: +41 22 301 96 11

REDACTION
redaction@agenceecofin.com

Public management
Aaron AKINOCHO
Borgia KOBRI
Moutiou ADJIBI

Finance
Idriss LINGE
Walid KEFI
Chamberline MOKO

Agribusiness
Espoir OLODO

Electricity
Gwladys JOHNSON

Oil and Gas
Olivier DE SOUZA

Mining
Louis-Nino KANSOUN

ITC 
Muriel EDJO

Comms
Servan AHOUGNON

Cameroon
Brice R. MBODIAM
Sylvain ANDZONGO
Monique MAY
Julienne Rose SENDE

Togo
Fiacre E. KAKPO
Waliyullah TAJUDEEN
Séna AKODA

Niger
Sandrine GAINGNE

Gabon
Stephane BILLE
Pierre-Celestin ATANGANA

Desk
Stéphane ALIDJINOU
Souha TOURE
Vahid CODJIA
Diane ZODEHOUGAN
Hikmatu BILALI

Translation
Schadrac AKINOCHO
Mouka MEZONLIN
Firmine AÏZAN



Digital
Omar SOKHNA
Mamadou DIOP
Bacary MANE
Abdel Razak MOULIOM

Digital Marketing
Jérémie FLAUX
Geraud ACHI
Jean Christian BERNARD
Franck FOUTE

Web publishing
Bakoly RAHARISOA
Rina RAMANANDRAISOA
Hasina RAJEMISON

Development
Dominique FLAUX

 


 
REGIE COMMERCIALE
AGENCE ECOFIN
Rue du Léman, 6
1201 Genève
Tél: +41 22 301 96 11
Fax: +41 22 301 96 10

Benjamin FLAUX
bf@agenceecofin.com 
Tél: +41 22 301 96 11 
Mob: +41 78 699 13 72

Voir page 
Nos services
 

 










 



Ecofin Agency is a news agency for economic and sectorial information. It was created in 2010 and it website was launched in June 2011.

Please publish modules in offcanvas position.