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Africa gets US$350mn boost to develop cocoa industry

African export-import bank Afreximbank has provided US$350mn to help develop the cocoa processing industry in Africa

According to Afreximbank, the International Cocoa Organisation (ICCO) will also help the bank to boost the development of the African cocoa sector and cocoa-related business.

“The initial focus will be on the development and implementation of solutions to improve the structural conditions of cocoa markets and to enhance the long-term competitiveness of smallholder cocoa farms and of local cocoa and chocolate products industry to reinforce their capacity to participate in global trade,” said Jean-Marc Anga, executive director at ICCO. 

Afreximbank and ICCO are expected to collaborate to develop farming activities, secure funding and jointly implement projects towards sustainability in the production and trade of cocoa, added Ange.

Jean-Louis Ekra, president of Afreximbank, noted that Afreximbank is committed to help achieve greater involvement of Africa in the global cocoa value chain, increasing cocoa consumption in Africa, and diversifying the continent’s cocoa export markets.