Quick Facts

Where the impacts of the investment may be experienced.
  • Philippines
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
  • Netherlands Development Finance Company (FMO)
Bank Risk Rating: C
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Board Decision Date: 2016-12-21
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower or Client: Agronomika
The holder of the loan, grant, or other investment.
The service or industry focus of the investment. A project can have several sectors.
  • Finance
Investment Amount (USD): $ 2.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Project Cost (USD): $ 2.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.

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Primary Source

Original disclosure @ FMO website
Updated in EWS: 2017-08-15

Project Description
Agronomika, a newly established agri-finance company that focuses on providing loans to smallholder cocoa farmers in the Philippines. Agronomika is part of Kennemer Foods, a Philippine company that sources and exports cocoa beans and that has a unique business model that supports smallholder farmers to set up their own cocoa farms. Kennemer Foods has created an end-to-end contract farming model that provides farmers with high quality planting material and technology, training on farming practices, and access to financing and markets. In just five years of operations, Kennemer has achieved significant scale, establishing a sourcing network of 10,000 Philippine farmers who stand to gain a sizeable increase in income when they invest in cocoa. By adopting modern technology, farmers can experience cocoa yields of four times the national average. Agronomika will receive a blended farmer finance facility, that consists of a long term loan from FMO (Massif-fund) which is supported by a first loss guarantee of IDH. Both FMO and IDH support Kennemer's operations with technical assistance whereby IDH's focus is on the farmer engagement model and FMO's support is aimed at improving governance and risk management of Agronomika. The blended farmer finance facility will be utilized to provide microloans to farmers for long term investments in their cocoa farms. The facility is structured under the Smallholder Finance Facility, the cooperation between FMO and IDH (http://smallholder.finance/). Via facility smallholder farmers in rural Philippines will gain access to finance for investments in their cocoa farms, which offers an opportunity to improve their livelihoods significantly.
Investment Description
Contact Information