Nicaragua receives award for best investment project 2017-2018
The passion fruit project initiated by the Swiss company CHIMACO SA in Nicaragua was named one of the most innovative foreign direct investment (FDI) in Latin America and the Caribbean, the state agency for the promotion of Inversiones de Nicaragua (ProNicaragua)
Government of Nicaragua granted during the annual investment meeting in the city of Dubai, United Arab Emirates, "for the promotion and assistance in the establishment" of the most innovative IED project In Latin America and the Caribbean.
In 2016, CT Finance AG, the Holding Company behind Frutco AG, established Chimaco SA as its wholly-owned subsidiary in Nicaragua.
Chimaco SA, which today employs four people has been set up to organise the sourcing of fruit in Nicaragua for, Frutco and Frutco de las Americas. Its tasks include indentification and selection of growers, transfer of knowhow through training of farmers and extension staff, certification of crop production, establishment and demonstration farms, liasion with local partners (NGOs, government, microfinance institutes, input suppliers, technical service providers, etc.) to support fruit growers, promotion and monitoring of fruit growing. Chimaco's efforts initially will concentrate on the promotion of passionfruit growing among farmers in Nicaragua.
The new supply chain starts with the raising of passionfruit seedlings of the desired variety in an irrigated nursery which Chimaco will manage. The nursery will be designed so that yearly 200 ha can be planted, up to a total area of 1000 ha.
Chimaco will provide technical assistance to its outgrowers to prepare the land, to transplant the seedlings, to undertake crop husbandry by applying good agricultural practices, to certify the production according to the GlobalGAP standard.
Chimaco will promote a selected South American variety of the yellow passionfruit which has a much higher brix, a higher percentage of juice and pulp and is larger and weighs more than the purple passionfruit that is presently grown in Nicaragua and which is mainly marketed to the fresh fruit market. Accordingly, Chimaco will not address the fresh passionfruit market. All fruit would be processed as puree or concentrate.
Frutco de las Americas will sell the passionfruit puree and concentrate to both the local/regional and the international market through Frutco AG. As a result of such practice, the Chimaco Farmers will get a sudden access to world market for their products.