EDFI AgriFI and BIO Join Forces to Invest EUR 6 Million in Gebana Faso
Bobo Dioulasso, Burkina Faso – September 5 2023 – EDFI AgriFI, the EU-funded Agriculture Financing Initiative, managed by EDFI Management Company (EDFI MC), and BIO, the Belgian Investment Company for Developing Countries, have proudly announced their co-investment of a total of EUR 6 million in Gebana Faso (GFA), a pivotal step towards enhancing integrated and sustainable food supply chains in the region.
gebana Faso (GFA), a subsidiary of the gebana Group, stands at the forefront of promoting sustainable practices in the food industry. The company specializes in processing and exporting Fair Trade and Organic cashew nuts and dried mangoes, directly impacting the lives of approximately 3,500 local family farmers in the region. Headquartered in Bobo Dioulasso, GFA is firmly committed to supporting local communities and fostering economic growth.
This strategic investment is earmarked to facilitate the establishment of a state-of-the-art processing facility for cashew and dried mango in the South of Bobo Dioulasso. The project’s primary objectives include ramping up processing capacities and optimizing energy utilization while adhering to sustainable practices.
The investment is poised to create lasting positive changes, impacting around 6,000 family farmers by 2026 and generating employment opportunities in rural Burkina Faso.
The co-CEO of gebana Faso, Ousseni Porgo, shared, “This investment is a testament to the collective dedication towards sustainable development. By establishing an advanced processing facility, we aim to not only uplift local family farmers but also set new standards for eco-friendly practices in the food industry.”
CEO of BIO, Luuk Zonneveld, has conveyed his excitement about the partnership, remarking, “Our team is highly enthusiastic to join forces with EDFI AgriFI in aiding gebana Faso’s mission to make a beneficial influence on the nearby agricultural community and the ecosystem. This financial commitment underscores our dedication to nurturing sustainable economic advancement while advocating for ethical and eco-friendly approaches. “
Rodrigo Madrazo, CEO of EDFI MC, commented, “gebana Faso’s mission closely aligns with our objectives of supporting sustainable and inclusive agribusinesses that contribute to improve smallholders’ livelihood. Indeed, the approach promoted by gebana leads to higher income for smallholders thanks to premiums linked to Organic and Fairtrade certifications but also thanks to a profit-sharing mechanism as 10% of turnover in gebana web shop is distributed back to farmers”.
Representative from the European Union Delegation in Burkina Faso, Diego Escalona Paturel, praised the initiative, highlighting its potential to create a ripple effect in the region. “gebana Faso’s commitment to Fair Trade and Organic practices is aligned with the EU’s values of sustainability and inclusivity. This investment will undoubtedly contribute to the economic empowerment of Burkina Faso’s rural communities.”
Yvonne Chileshe, Expert on Value Chains at the Secretariat of the Organisation of African, Caribbean and Pacific States (OACPS) emphasised the importance of the investment’s impact. “As an organisation, we are pleased with this investment as it complements our work on value addition to commodities such as cashew, and the development of sustainable and green value chains in the OACPS regions. Therefore, we recognise the significance these initiatives in promoting sustainable development and improving livelihoods in Burkina Faso”.
For full press release see here.
About EDFI AgriFI:
EDFI AgriFI is an EU funded facility managed by EDFI Management Company. It aims to catalyse private investments in sustainable agriculture and agri-businesses in developing countries, contributing to their economic development and food security while promoting sustainable practices. For more information, visit https://www.agrifi.eu/
About EDFI AgriFI – ACP Regional Window
EDFI AgriFI – ACP Regional Window, is a dedicated pocket of capital within EDFI-AgriFI allocated to entities operating in Members of the OACPS. Funded by the European Union in the framework of the 11th EDF Intra – ACP Private Sector Development Programmes, the regional window will provide medium to long-term financing to private sector enterprises and institutions active in the agri-food value chain and benefitting smallholder farmers. For more information, visit https://www.oacps.org/.
About gebana Faso:
gebana Faso (GFA) is a company part of the gebana group building integrated and sustainable food supply chains. GFA processes and exports Fair Trade and Organic cashew nuts and dried mangoes. The firm is established in Bobo Dioulasso where it sources local cashew and mango from about 3,500 family farmers.
About BIO:
The mission of the Belgian Investment Company for Developing Countries (BIO) is to promote the establishment of a strong private sector in developing and emerging countries, to enable them to access growth and sustainable development, within the framework of the Sustainable Development Goals. BIO was created in 2001 with the Belgian Federal State as sole shareholder.Its ultimate goal is to help strengthen the private sector in developing countries.