GuarantCo, part of the Private Infrastructure Development Group (PIDG), has partnered with Symbiotics to arrange a $20 million debt facility for Robust International to finance a cashew processing plant and related infrastructure in Côte d’Ivoire.

GuarantCo provided a 100% payment default guarantee of up to $23 million, supporting the loan facility and helping mobilise private institutional capital for the project.

The transaction combines funding from institutional investor M&G Investments with uncovered funding from impact funds advised by Symbiotics Asset Management. The debt facility was provided through a Symbiotics-arranged vehicle, which issued covered notes benefiting from the GuarantCo guarantee. M&G subscribed to the covered notes in full, while impact funds advised by Symbiotics Asset Management subscribed to an uncovered tranche.

The financing will support the development of a greenfield cashew processing plant in Toumodi with annual processing capacity of 15,000 metric tons. It will also finance aggregation warehouse centres in Bouaké and Toumodi, with combined capacity of 44,000 metric tons per year.

The infrastructure is expected to strengthen seasonal procurement and inventory management while reducing Robust’s reliance on leased warehousing.

Côte d’Ivoire is the world’s largest cashew producer, but currently processes about 30% of its production domestically. Limited processing capacity, storage availability and financing have constrained the development of the local value chain. The project is expected to support the government’s target of processing 50% of the country’s cashew production domestically by 2030.

The transaction is forecast to support procurement from approximately 1,500 smallholder farmers and generate an estimated $79.2 million in additional export revenue. It is also expected to create 510 jobs, with women projected to account for 40% of short-term positions and 80% of long-term jobs.

The project also incorporates circular-economy measures, including the conversion of cashew shells into Cashew Nutshell Liquid and the sale of residual shell cake to a third party for conversion into fertiliser.

The transaction is the latest collaboration between GuarantCo, Symbiotics and M&G Investments and follows an earlier deal with Robust in Nigeria supporting local cashew processing. It also marks the second transaction involving Côte d’Ivoire’s cashew industry for GuarantCo, following a 2025 deal with another producer.

John Marshall, British Ambassador to Côte d’Ivoire, said the investment demonstrates how UK-backed development finance can mobilise private funding while supporting the government’s ambition to increase domestic cashew processing.

“This transaction demonstrates how UK-backed development finance can mobilise private funding and support the Ivorian Government’s ambition to increase local processing of cashew nuts to 50% by 2030,” he said.

Dave Chalila, Head of Africa Investments at GuarantCo, said the transaction largely replicates the structure and documentation used in the earlier Robust deal in Nigeria, helping reduce execution and delivery risks.

“We are delighted to continue our highly effective collaboration with Symbiotics and M&G, driving innovation in sustainable infrastructure finance,” Chalila said.

Vishanth Narayan, Group CEO of Robust International Group, said the investment would allow the company to source more cashews from local farmers, increase in-country value addition and create employment, particularly for women.

“By also converting cashew by-products into commercially useful materials, the project reflects our commitment to building a more efficient, sustainable and inclusive cashew value chain in Côte d’Ivoire,” he said.

Philipp Jung, Head of Structuring & Arranging at Symbiotics UK, said the structure was designed to combine a matching-adjustment eligible investment with an uncovered tranche that meets the requirements of an impact investor.

The transaction is aligned with the UN Sustainable Development Goals on zero hunger and industry, innovation and infrastructure.