• Tunisia
Where the impacts of the investment may be experienced.
Financial Institutions
  • Netherlands Development Finance Company (FMO)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Bank Risk Rating
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
CHO Company
The holder of the loan, grant, or other investment.
  • Agriculture and Forestry
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 14.36 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Currency conversion note:
Bank reported EUR 12.00 MLN
Converted using 2021-04-15 exchange rate.
Primary Source

Original disclosure @ FMO website

Updated in EWS Apr 20, 2021

Disclosed by Bank Apr 15, 2021

Contribute Information
Can you contribute information about this project?
Contact the EWS Team

Project Description

According to bank provided information, FMO intends to participate for up to EUR 12 million in a long-term facility led by IFC. The proposed Project will finance permanent working capital and capital expenditures to support the Company's strategy to increase its sales of bottled olive oil.

CHO's overall goals through this Project are its contribution to preserving linkages with farmers, maintaining jobs, and domestic value addition. The Project's contribution to market resilience will be through building capacity along the supply chain, demonstrating improved business practices to other sector players, and enabling positive spillovers across the sector by maintaining operations during a tumultuous economic period. The investment also contributes to financial additionality through long-term tenor and currency.

Investment Description
  • Netherlands Development Finance Company (FMO)
Private Actors
Private Actors Description

Established in 1996 as an olive oil bulk trader in Sfax, Tunisia, CHO Company ("CHO" or the "Company") is currently one of the largest Tunisian olive oil producers, bottlers and exporters. CHO was created by three entrepreneurs, Mr. Abdelaziz Makhloufi, Mr. Moncef Rekik, and Mr. Mohamed Tounsi. The original founders still own most of the shares of the Company. CHO Group is one of the largest olive oil milling operation in Tunisia and has vertically integrated operations, from orchards and olive fields to mills, refineries, pomace extraction units, accredited laboratory, cosmetics and detergents production units, and state of the art packaging facilities.

Contact Information

*Contact information not provided at the time of disclosure*


As part of FMO's ex-ante disclosure (disclosure of transactions before contracting), you can send requests or questions for additional information to: 


Communities who believe they will be negatively affected by a project funded by the Dutch Development Bank (FMO) may be able to file a complaint with the Independent Complaints Mechanism, which is the joint independent accountability mechanism of the Dutch Development Bank (FMO) and the German Investment Corporation (KfW). A complaint can be filed in writing, by email, post, or online. The complaint can be filed in English or any other language of the complainant. The Independent Complaints Mechanism is comprised of a three-member Independent Expert Panel and it can provide either problem-solving, compliance review or both, in either order. Additional information about this accountability mechanism, including a guide and template for filing a complaint, can be found at: