Prosper Africa, a U.S. trade and investment initiative, and the Richmond-based business Red River Foods unveiled a $47 million co-investment Wednesday to expand cashew processing facilities in West Africa.
The investment aims to bring new jobs to the Richmond-area, help build a new facility for cashew processing in West Africa for export to the United States and also train farmers in West Africa.
Red River Foods, a global supplier of dried fruit, nuts, seeds and speciality snacks, is investing $44 million for the project. The Prosper Africa initiative will provide $3 million in funding through the USAID West Africa Trade and Investment Hub.
Government officials toured the Red River Foods facilities in Richmond, which will be renovated with the investment, on Wednesday.
“This is going to allow us to have that final control over the product to ensure that what we deliver to our customers is going to meet their requirements for food safety and quality control,” Dan Phipps, CEO and president of Red River Foods, told 8News. “It’s also going to allow us to provide a number of jobs here in Richmond, Virginia, which we’re really excited about.”
Phipps says Red River Foods tries to create ethical supply chains that customers can feel good about.
Read original story on ABC 8 News