ECOM AGROTRADE LIMITED (FMO-50571)

Regions
  • Africa
Geographic location where the impacts of the investment may be experienced.
Countries
  • Ivory Coast
Geographic location 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
Approved
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
U
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Jan 10, 2017
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
Ecom Ivory Coast (Ecom)
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Agriculture and Forestry
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Grant
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 0.24 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported EUR 0.23 MLN
Converted using 2017-01-10 exchange rate.
Grant Amount (USD)
$ 0.24 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Project Cost (USD)
$ 0.24 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Bank Documents
Primary Source

Original disclosure @ FMO website

Updated in EWS Dec 19, 2023

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to the FMO, the core objective of the project is to establish a rural Microfinance Institution (MFI) to foster financial inclusion in Ivory Coast. Tailored farming credit and savings services, combined with agronomic advice will be designed and provided to Ecom's smallholder farmers, which will allow the farmers to invest in productive inputs and to increase their farming revenues.

This CD project will have significant impact at the farmer level by supporting the development of new products that meet the farmers' needs in combination with the provision of additional non-financial services. Financial inclusion of marginalized rural communities breaks the cycle of chronic poverty, by promoting productive investments and supporting the ability of families to recover from financial shocks.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.
Financial Intermediary
A financial intermediary is a bank or financial institution that receives funds from a development bank. A financial intermediary then lends these funds to their clients (private actors) in the form of loans, bonds, guarantees and equity shares. Financial intermediaries include insurance, pension and equity funds. The direct financial relationship is between the development bank and the financial intermediary.
Private Actor Relationship
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

MASSIF

Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

As stated by the FMO, Ecom Ivory Coast (Ecom) is a part of Ecom Agrotrade Limited, a commodity trading and sustainability services company specializing in cocoa, with ancillary operations in adjacent commodities and associated services. Globally, Ecom is an industry leader in certified and traceable commodities; in 2013 Ecom sold 3 million bags of certified coffee and 150,000 metric tons (MT) of traceable cocoa.

As stated on the parent company's website, ECOM operates in more than 40 major producing countries, working with thousands of farmers and local businesses. We employ more than a thousand agronomists and field staff globally, running innovative, on-the-ground operations and sustainability programmes to help our customers and farming communities worldwide.


Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

No project contacts provided at the time of disclosure.

FMO South Africa:

Phone: +27 11 507 2500
Email: joburg-office@fmo.nl

Parent Company - ECOM Agrotrade Ltd.:

Address: 10th Floor, 55 Old Broad Street, London EC2M 1RX, United Kingdom
Phone: +44 203 214 2100
Email: contact@ecomtrading.com
Website: https://www.ecomtrading.com/

ACCOUNTABILITY MECHANISM OF FMO

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: https://www.fmo.nl/independent-complaints-mechanism.

How it works

How it works