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Shared Interest report on Canaan Fair Trade investment.
In April 2008 Shared Interest approved it largest ever producer loan ($635,000) to help Canaan Fair Trade (CFT) build a new head office, factory and storage facility in Jenin, Palestine. CFT is aiming to almost treble its sales over the next three years, from £1.6m to £4.5m in 2011. Sales have grown rapidly since the b...usiness was established in 2004, especially in the last 18 months.
CFT works with 43 olive co-operatives with a total of 1,700 producers in the West Bank. It returns 10% of its profits to the producer co-operatives and another 10% to the Palestinian Fair Trade Association.
The new building will include large underground stainless steel storage tanks, a bottling plant and a press dedicated to organic produce. Currently about half the co-operatives produce certified organic olives and CFT is hoping to increase the production of organic olive oil. The new plant is also part of CFT’s plan to diversify its sales by increasing facilities for packaging dry goods including cous cous, thyme and almonds. There will also be equipment for making bulgur (similar to cracked wheat) and a press for almond oil.
The Shared Interest loan will cover just less than half of the cost of building and equipping the new facility, the remainderof the funds are coming from a large advance payment from a US fair trade buyer and from CFT’s accumulated profits.
Shared Interest is a co-operative lending society that aims to reduce poverty in the world by providing fair and just financial services. We work with fair trade businesses all over the world, both producers and buyers, providing credit to help them trade and develop.
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