IFC pumps $55m into commodity trader Armajaro

The World Bank’s private arm, the International Finance Corporation (IFC) announced May 3, 2012 that it is investing $55 million in London-based Armajaro Trading Limited to support the ethical sourcing of cocoa and coffee,

The project will help develop sustainable farming practices and improve traceability within Armajaro’s supply chains, according to the IFC.

It will also help the company maintain closer contact with farmers and co-operatives and offer value-added services such as long term supply agreements and price risk management.

“IFC’s support will enable us to grow our business while ensuring that we continue to lead the sector in traceability and sustainability,” said Richard Ryan, CEO of Armajaro Trading.

Armajaro has operations in over 20 countries and a presence in the world’s key cocoa and coffee producing countries including Brazil, Colombia, Ecuador, Ghana, Kenya, Indonesia, Nigeria, Tanzania, and Vietnam.

The IFC said Armajaro Trading, through its not-for-profit company Source Trust, will also continue working with its Advisory Services to identify specific projects that will improve the welfare of farming communities and develop stronger relationships with nongovernmental organizations, development agencies, and charities.

By Ekow Quandzie