The World Bank is planning to guarantee a US$2.1m investment in Uganda by Italian chocolate producer Icam.
The guarantee from the World Bank’s Multilateral Investment Guarantee Agency (MIGA) will lead to the funding of the construction of three cocoa processing plants, operated by subsidiary Icam Chocolate Uganda in three cocoa-producing regions.
MIGA would guarantee the investment for six years against transfer restriction, expropriation, war and civil disturbance.
A MIGA note said Icam Uganda would use state-of-the-art drying and fermentation processes to dry cocoa beans faster and more thoroughly to meet its parent’s “stringent standards”.
MIGA explained: This reduces the risk of mold and fungi, and preserves the cocoa’s desirable taste and aroma.” Icam wants the plants to produce 3,900 tonnes of dry cocoa annually within five years of operation.