An olive oil producer in Tunisia has received a loan package of $26 million from the International Finance Corporation (IFC) aiming to increase olive oil production and develop exports.
The beneficiary of the loan is Conditionnement des Huiles d’Olive (CHO), a leading olive oil producer located in Sfax, a coastal city in central Tunisia. IFC is a member of the World Bank Group which provides financing and advice to projects and private sector ventures in developing countries.
The loan package is expected to increase production and exports while encouraging the development of the country’s olive oil sector and the profile of Tunisian olive oil abroad. “Thanks to this loan from the IFC, we can continue our development and reinforce the positive image of Tunisian olive oil in international markets which will have an important impact on the local sector as a whole,” declared Abdelaziz Makhloufi, CEO and founder of CHO.
The loan package is part of a larger IFC program in Tunisia amounting to $62 million which aims to support small businesses, technology firms and the agricultural sector to stimulate employment, economic growth and investor confidence in the North African country.
“The Tunisian economy is full of potential,” stated Mouayed Makhlouf, director of IFC for the Middle East and North Africa. “IFC is supporting the realization of this potential by investing in promising companies like CHO while encouraging job creation and providing support for growth.”
Following the Tunisian Revolution in early 2011 which sparked off the Arab Spring uprisings across the region, the country’s economy has been unstable and marked by high unemployment in some regions.
Olive oil currently makes up 40 percent of the country’s agricultural export and 10 percent of its total exports. Tunisia had an excellent olive harvest during the past crop year with a 400 percent increase in production, putting it in second place as the largest olive oil producer after Spain.
Related Articles
Jul. 15, 2024
As Value of Tunisian Exports Soar, Packaged Olive Oil Struggles
Olive oil export revenues in the first seven months of the 2023/24 crop year nearly doubled in Tunisia, but many producers are not reaping all the benefits.
Feb. 7, 2024
Acesur CEO Highlights Andalusia's Key Role in Sector's Future
Gonzalo Guillén believes production capacity is the limiting factor to increase olive oil consumption and Andalusia remains best positioned to expand the market.
Nov. 7, 2024
Meet the Retailers Working to Grow Oleotourism Sales After the Vacation Ends
Alicia and Vijay Shroff, co-owners of an olive oil specialty store, have launched a project to deepen the connection between oleotourism operators and visitors.
May. 7, 2024
Olive Oil Export Ban Sours Table Olive Sales in Turkey
While table olive exports soared in the first five months of the 2023/24 campaign, the ban on olive oil exports is blamed for holding the sector back.
Jun. 12, 2024
Turkey Eases Export Ban Following Intense Lobbying
Turkish producers will be able to export 50,000 tons of bulk olive oil until November. With forecasts of bumper harvest, the sector wants the ban lifted completely.
Oct. 18, 2024
Trump’s Tariff Proposals Would Sting U.S. Olive Oil Consumers
Whether there is a ten- or 60-percent tariff on all imported goods, most observers believe olive oil will become more expensive, and consumers will pay the difference.
May. 28, 2024
Spanish Olive Oil Sector Works to Develop Exports to China
As high prices change consumption habits in Europe, Spanish producers and exporters seek to promote olive oil consumption in the world’s second-largest economy.
Oct. 1, 2024
Egypt Aims for Significant Increase in Olive Oil Exports
Officials are developing a strategy to increase exports by expanding production.