- Date written
- September, 2025
- Contact for guarantco
- Alison Hicks
- Senior Communications Manager
- +44 (0)738 5551967
- alison.hicks@pidg.org
- Contact for PIDG
- Cecilie Sorhus
- Chief of Staff and Head of Communications
- +44 (0)7917 302724
- cecilie.sorhus@pidg.org
- Share
GuarantCo, part of the Private Infrastructure Development Group (PIDG), has provided a 100 per cent guarantee to a bond issuance platform (arranged by Symbiotics) that is mobilising capital from M&G Investments for a EUR 37 million loan to Valency International Pte Ltd, an agriculture-supporting infrastructure company advised by Blend Financial Services. The proceeds of the bond issuance will be used to uplift the local processing of cashew produce in Côte d’Ivoire.
Côte d’Ivoire is the world’s largest cashew producer but currently processes only circa 30 per cent of its output in-market due to limited capacity, inadequate storage and financing constraints. Processing cashews adds value; by enabling an increase in local processing, this deal will support government targets to process 50 per cent of its cashews by 2030, promoting higher economic returns for the market.
The transaction will finance the construction of new warehousing, create a working capital facility to support cashew operations and refinance existing DFI debt utilised towards the construction of a cashew processing plant with private debt.
This transaction is expected to benefit the local economy with increased export revenues of USD 360 million over the lifetime of the guarantee through the development and retention of higher-value elements of the supply chain. It will also support farmers with a circa 30 per cent forecasted increase in income generation through additional local sourcing. The deal is aligned to the UN’s Sustainable Development Goals 2 – Zero Hunger, 9 – Industry, Innovation and Infrastructure, and 5 – Gender Equality, with over 30 per cent of job creation through the transaction expected to be for women.”
The bond issuance platform arranged by Symbiotics granted the loan to Valency and then repackaged it, benefiting from GuarantCo’s guarantee into a bond instrument that the investor subscribes to. In this instance the bond is externally rated with the same credit rating level as GuarantCo thus enabling full credit substitution. This repackaging, external rating and full credit substitution are key to enabling M&G Investments’ participation in the structure. This is the first time GuarantCo has mobilised institutional capital from pension funds via the Symbiotics bond platform, providing a powerful template for replication in future transactions. Côte d’Ivoire is also a new market for GuarantCo, while PIDG is well-established as an infrastructure investor and developer in the market within the power/energy sector.
Dave Chalila, Head of Sub-Saharan Africa Investments at GuarantCo, said:
“We are delighted to close our first transaction in Côte d’Ivoire, and we thank our valued partners in this deal, M&G and Symbiotics, for helping GuarantCo drive innovation in sustainable infrastructure finance.
“This transaction will have a significant economic and social impact on Côte d’Ivoire by strengthening local manufacturing capacity and positioning it as a key player in international cashew supply with expanded access to global markets. It will also support higher farmer incomes, job creation and broader industrial integration to unlock new economic opportunities in food processing and other high-value manufacturing sectors.”
John Marshall, British Ambassador to Côte d’Ivoire, said:
“The UK is already an important shareholder in Valency International and has supported their expansion into Côte d’Ivoire. We are delighted that GuarantCo is making its first transaction in Côte d’Ivoire to strengthen the production capacity of Valency International and catalyse private sector financing in the Ivorian agribusiness sector through leveraging UK financial expertise.
“The Ivorian Government’s ambition is to increase the transformation of cashew nuts locally, achieving 50 per cent by 2030. The UK is supporting this aim, driving job creation and value for the Ivorian people.”
Sumit Jain, CEO at Valency, said:
“At Valency, we are committed to creating sustainable, value-driven agri-supply chains that directly uplift farming communities. This partnership with GuarantCo and M&G Investments marks a significant milestone in Côte d’Ivoire’s journey to process more of its cashew crop locally, retain greater value within the country, and improve farmer incomes. By expanding processing capacity and supporting inclusive job creation—particularly for women—we are not just investing in infrastructure, but in the long-term prosperity of the cashew sector and the communities it sustains.”
María Redondo, director at M&G Investments, said:
“We’re delighted to have partnered with Symbiotics and GuarantCo. This innovative guarantee structure enables us to invest in emerging markets private debt in hard currency. This significantly reduces exposure to volatile local currency fluctuations and potential devaluation, which helps to protect returns on our clients’ capital. Thanks to the safeguards offered by the guarantee, we can confidently expand our investments into regions where private capital is often limited or prohibitively expensive, while also supporting impactful and sustainable projects in these markets. This collaboration marks a meaningful step forward in broadening institutional investment and delivering stable, diversified opportunities for our clients.”
Philipp Jung, head of structuring & arranging at Symbiotics, said:
“With this transaction, we aim to establish a replicable structure and investment format designed for institutional investors seeking to invest in highly rated securities, while ultimately supporting impactful emerging market projects. We are delighted to have partnered with M&G Investments, GuarantCo and Valency to establish this format and look forward to many more transactions to come.”