Oikocredit’s € 5 million loan to Ocean SA boosts cocoa and cashew value chains in Côte d'Ivoire

Oikocredit has renewed its partnership with Ocean SA, a Côte d'Ivoire-based exporter of cocoa beans and raw cashew nuts and part of the Cocoasource group, with a further € 5 million loan.

 Ocean SA has made its mark for over a decade by trading cocoa and cashews. Its strong export focus on European markets includes partnership with mission-driven buying companies such as Tony’s Chocolonely.

Oikocredit’s new funding continues a fruitful relationship initiated in 2017 with its first € 1 million cocoa trade finance line to Ocean. This resulted in a transfer of more than € 3.5 million to Ocean’s partner smallholder cooperatives in 2022-2023, distributed as cash payments to farmers for the sale of their cocoa and used to finance community social infrastructure.

The new loan will enable Ocean to directly sustain up to 24 jobs, enhance its sourcing and export of certified cocoa beans and raw cashews, and inject much-needed liquidity into underprivileged growing areas in Côte d'Ivoire.

Read the press release here