DEXIA signs cooperation agreement with JHB International

After a protracted absence from the international scene,Dominica is set to resume the exports of dried cocoa beans within the next few weeks. This was disclosed late Friday afternoon by Gregoire Thomas, General Manger of DEXIA, after the Agency signed a cooperation agreement and Memorandum of Understanding with JHB International Trade & Finance S.A for the rehabilitation of the cocoa industry in Dominica and sale of dried cocoa beans to the Belgium-based company. The MOU which followed months of intense discussions and negotiations was signed at the DEXIA offices on February 23, and has been established for five years in the first instance. A.J. Hachamoth, Director of JHB International, signed on behalf of his company while Thomas signed for DEXIA.

Under the agreement, JHB International has undertaken to assist DEXIA with aspects of financing of the rehabilitation as well as provide a credit facility to expedite and facilitate the purchase of cocoa beans. The company has also given a commitment to work exclusively with the Agency in the collection, processing and packaging of Dominica cocoa and cocoa products. Furthermore, JHB International has committed to purchasing all the cocoa beans processed by DEXIA. For its part, DEXIA has committed to sell all cocoa beans harvested and cocoa products exclusively to JHB International.

Thomas welcomed the development as “a tremendous opportunity for Dominica and cocoa farmers.” He added, “we have an opportunity to rebuild this sector over the next five years, and we should not underestimate the potential of this initiative to help with our diversification and transformation of agriculture.” Meanwhile, Hachamoff, who indicated he was “looking to build a fruitful and viable relationship with DEXIA” said he was “confident that Dominica’s cocoa will do well.”

Dominica is hoping to undertake its first shipment of a 20-ft container of dried beans in March/April. DEXIA is presently awaiting official report from JHB International on the quality of Dominica’s cocoa. Last week the Agency sent 100 lbs of cocoa to Belgium for testing. The sample, which will be sent to a factory in Europe, will be made into a special line of ‘Dominica chocolate’. However, preliminary results from an earlier sample indicate that Dominica’s quality is excellent. DEXIA will begin to purchase wet cocoa beans from farmers within the next two to three weeks. It is anticipated by that time, the Agency would have completed the renovation and refurbishing of the cocoa processing facilities in Hillsborough and Batalie.