According to bank documents, the Project objective is to provide an export pre-financing facility to BIOVANILLA SARLU for the purchasing and processing of vanilla beans for exports to international offtakers.
The proposed investment is an up to US$ 15.75 mn loan to Biovanilla for a short-term (1 year renewable twice) export pre-financing backed by vanilla offtake contracts with reputable offtakers. Funds will be used to purchase and process vanilla. To ensure sustainability and traceability of its supply, Biovanilla is supporting the Exotic Cooperative, which is Rainforest Alliance certified. The Cooperative provides c. 40% of Biovanilla’s supply and includes about 2,300 vanilla producers spread in agricultural areas in 58 villages, around Sambava in north-east Madagascar. The rest of the supply comes from collectors in the same area.
IFC, acting for its own account and in its capacity as implementing entity of the Private Sector Window of the Global Agriculture and Food Security Program (GAFSP), is considering investing up to $15.75m in a 3-year short-term export pre-financing facility with annual clean up.
Biovanilla is a company founded in 2017 and owned by Mr. Eric Sinikely Patine. Biovanilla has developed a diversified network of offtakers and is an important player in in the vanilla sector in the Sava region.
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