The increase in the production of PALMCI, in Côte d’Ivoire, is combined with an environmental and social plan. It is also offering new outlets to 28,000 outgrowers and is contributing to the region’s self-sufficiency in palm oil.
PALMCI is a subsidiary of the Côte d’Ivoire agribusiness group SIFCA. It is the main producer of crude palm oil in the region. The company was set up in 1997 and produces over 280,000 tons of crude palm oil a year, i.e. 70% of Côte d’Ivoire’s production. It exploits some 40,000 hectares of industrial plantations and sources from 28,000 smallholder planters. With 8,500 employees, PALMCI is also the largest private employer in the country.
Proparco’s loan will contribute to financing PALMCI’s investment program, which mainly aims to increase the capacity of plants and partially replant orchards. It should allow the company to increase its production from 300,000 tons to 400,000 tons over the next 7 years. PALMCI will invest part of the financing in the implementation of its environmental and social action plan, in order to refurbish staff housing, improve effluent treatment and strengthen workplace safety.
By offering outlets to 28,000 planters, this project will support the development of a structural industry for the country. It will contribute to the self-sufficiency in palm oil of Côte d’Ivoire and West Africa. It will also contribute to local development, by creating jobs and generating incomes for rural populations.