Abidjan, Côte d’Ivoire, 21 September, 2015
– Côte d’Ivoire’s cocoa farmers are benefiting from new trucks to
transport their crops thanks to a leasing program supported by IFC, a member
of the World Bank Group, Ivorian bank Société Ivoirienne de Banque (SIB),
and global agriculture company Cargill.
The three institutions are helping thousands
of cocoa farmers from dozens of cooperatives increase profitability and
productivity by leasing trucks instead of purchasing them outright, offsetting
prohibitive repair and maintenance costs. Cocoa production is a key pillar
of Côte d’Ivoire’s economy and one of its major exports.
IFC is guaranteeing 50% of an up to $6 million
leasing portfolio through a risk-sharing facility with SIB, which is providing
medium-term financing to cooperatives that are supplying cocoa to Cargill,
allowing them to lease the trucks and more easily transport beans to markets.
A first group of 43 cooperatives took delivery of their 78 new trucks during
an official launch held in Abidjan early September 2015.
This project is part of a broader partnership
between IFC and Cargill, which includes providing business training to
managers from over 300 cocoa co-operatives.
Lionel Soulard, Managing Director West Africa,
Cargill Cocoa & Chocolate, said, “Farmers and their cooperatives have
historically lacked access to affordable finance to grow, improve or sustain
their businesses. This is a really exciting development, as access to finance
-- and to better transportation – will make a critical difference to the
success of the cooperatives and to Côte d’Ivoire’s entire cocoa communities
Cassandra Colbert, IFC Resident Representative
for Côte d’Ivoire, said, “IFC is committed to the long-term growth
and sustainability of Côte d’Ivoire‘s cocoa industry. Our work with Cargill
and SIB is helping farmers become more professional, efficient and successful,
and is literally putting them in the driving seat of business development.”
This program has received funding from Canada’s
Department of Foreign Affairs, Trade and Development (DFATD) and the Global
Agriculture and Food Security Program (GAFSP).
IFC, a member of the World Bank Group, is
the largest global development institution focused exclusively on the private
sector. Working with private enterprises in about 100 countries, we use
our capital, expertise, and influence to help eliminate extreme poverty
and boost shared prosperity. In FY14, we provided more than $22 billion
in financing to improve lives in developing countries and tackle the most
urgent challenges of development. For more information, visit www.ifc.org.
Cargill provides food, agriculture,
financial and industrial products and services to the world. Together with
farmers, customers, governments and communities, we help people thrive
by applying our insights and nearly 150 years of experience. We have 142,000
employees in 67 countries who are committed to feeding the world in a responsible
way, reducing environmental impact and improving the communities where
we live and work. For more information, visit Cargill.com
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