twitter RSS Feed linkedin acp contact

Cocoa farmers in Côte d’Ivoire getting trucks on lease

International Finance Corporation (IFC), Cargill and Ivorian bank Société Ivoirienne de Banque (SIB) are helping Côte d’Ivoire’s cocoa farmers transport their crops

Cocoa Bags ICCFO Wikimedia CommonsThe increased ease in transporting their crops to the markets comes as a boon to cocoa farmers. (Image source: ICCFO/Wikimedia Commons)

The three institutions have started a truck leasing programme that is helping thousands of cocoa farmers from dozens of cooperatives increase profitability and productivity. Through the programme, they can lease trucks instead of purchasing them outright, thereby offsetting repair and maintenance costs.

IFC is guaranteeing 50 per cent of an up to US$6mn 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 transport beans to markets with greater ease. A group of 43 cooperatives took delivery of their 78 new trucks during an official launch held in Abidjan in 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 cooperatives. Lionel Soulard, managing director for West Africa at 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 and industry.”

Cocoa production is a key pillar of Côte d’Ivoire’s economy and one of its major exports.

Cassandra Colbert, IFC’s 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.”

The programme has received funding from Canada’s Department of Foreign Affairs, Trade and Development and the Global Agriculture and Food Security Program.


LATEST NEWS IN Infrastructure

Helping Africa grow with irrigation infra

Helping Africa grow with irrigation infr…

Netafim has partnered with the government of Rwanda to build water and irrigation infrastructure for 15,600 hectares of land including a fully automated drip irrigation and fertigation commercial blocks –...

Developing a purpose-built fresh produce market in Lusaka

Developing a purpose-built fresh produce…

InfraCo Africa, part of the Private Infrastructure Development Group (PIDG), has signed an agreement with Savenda Capital committing US$2mn towards the construction of ZAMBIAFresh Lusaka Market in Zambia’s capital

TİKA supports Tunisia’s National Gene Bank

TİKA supports Tunisia’s National Gene Ba…

Turkish Cooperation and Coordination Agency (TİKA) established a chemical and molecular analysis laboratory for the identification, analysis, and registration of local fruit species, especially local olive tree species, within Tunisia’s...

Grain processing and storage equipment manufacturer plans to grow in sub-Saharan Africa

Grain processing and storage equipment m…

With a complete range of grain processing and storage equipment, Perry Engineering can provide single machines to full turnkey installations for small farms to large commercial grain stores, plus flour...

Food, Feed and Biofuel: global technology solutions at Desmet Ballestra

Food, Feed and Biofuel: global technolog…

Desmet Ballestra Group is the world leader in the field of tailor-made engineering and procurement services covering each step of the Oils & Fats industry, from oilseed preparation and extraction...

Bühler opens insect technology centre to support feed and food industries

Bühler opens insect technology centre to…

Bühler Group, known for plant and equipment and related services for processing foods and manufacturing advanced materials is officially opening Insect Technology Center (ITC)

Prev Next

OTHER RELATED ARTICLES - Infrastructure

AfDB's AgriPitch competition is helping transform Africa's food systems

AfDB's AgriPitch competition is helping …

Africa is producing a growing number of young entrepreneurs who are adopting new ideas to bring more affordable, quality food from farm to fork

West African markets continue to attract FDI: Dubai Chamber of Commerce and Industry

West African markets continue to attract…

Foreign direct investment (FDI) inflows to West African countries increased 12 per cent to US$11.4bn in 2016, supported by recovering investment in Nigeria, recent analysis conducted by the Dubai Chamber...

China funding agriculture research lab in Kenya

China funding agriculture research lab i…

The Chinese government is funding a laboratory at a Kenyan university that will train students and conduct agricultural research

Cargill completes US$12.5mn expansion of premix plant in South Africa

Cargill completes US$12.5mn expansion of…

Food processing company Cargill has completed the US$12.5mn expansion of its premix facility in Pietermaritzburg, South Africa

African Development Bank assesses progress of Yamoussoukro agro-industrial project

African Development Bank assesses progre…

African Development Bank's (AfDB) vice-president for agriculture, human and social development Beth Dunford, led a mission to Cote d’Ivoire’s (Ivory Coast) capital Yamoussoukro, to assess the progress on a bank-supported...

Elsenburg Agricultural Training Institute reopens for students

Elsenburg Agricultural Training Institut…

Western Cape minister of agriculture Dr Ivan Meyer has welcomed back senior students at the Elsenburg Agricultural Training Institute (EATI) and urged the students to adhere to all the COVID-19...

Afrika Umoja and Black Farmers Association of South Africa collaborate to tackle COVID-19

Afrika Umoja and Black Farmers Associati…

Afrika Umoja has announces a partnership with the Black Farmers Association of South Africa (BFASA) to set up and distribute disinfecting products throughout the country

World Bank announce US$100mn to protect Tunisia's environment and promote development

World Bank announce US$100mn to protect …

The World Bank announced on 20 March that a US$100 million project to support better management of forests, rangelands and agricultural landscapes for more jobs and increased incomes in the...

Dangote to build US$9 billion sugar processing facility in Nigeria

Dangote to build US$9 billion sugar proc…

Dangote Group president Alhaji Aliko Dangote has announced that the company will establish a US$9bn sugar processing facility in Kebbi State, Nigeria

AfDB’s road construction support to benefit people in Kenya and Tanzania

AfDB’s road construction support to bene…

Over three million people in Tanzania and Kenya will benefit from a US$384.22mn financing package for road construction support, approved by the African Development Bank’s (AfDB) board in Abidjan

Two Zimbabwe fertiliser companies get US$36mn funding

Two Zimbabwe fertiliser companies get US…

The African Export-Import Bank (Afreximbank) has provided more than US$35mn to two fertiliser companies in Zimbabwe for working capital and recapitalisation

New satellite-enabled solution to protect African wildlife

New satellite-enabled solution to protec…

Inmarsat, global mobile satellite communications provider, has joined forces with RESOLVE, the Washington DC-based non-profit environmental and health organisation, to develop a satellite-enabled solution to safeguard endangered wildlife across Africa

Prev Next