Farmer cooperatives in Côte d’Ivoire are set to benefit from access to affordable, commercial finance as a result of a first-of-its-kind initiative supported by Cargill and the International Finance Corporation (IFC).
The mid-term commercial loans will be provided by Ivorian bank SIB and are being made available to graduates from the Cargill Coop Academy to enable cooperatives to lease brand new trucks that will allow farmers to more easily transport their cocoa beans to markets. On 9 September, 43 cooperatives each took delivery of their own brand new truck – a major step towards becoming more professional – at a local ceremony in Abidjan, a spokesperson for Cargill said in a statement.
The project, unprecedented in the cocoa sector, is the latest initiative as part of Cargill’s Cocoa Promise and marks a major milestone towards professionalising cooperatives and empowering the farmer organisations to invest in their own futures.
In June, Cargill partnered with both the public and private sectors to build schools and hospitals for cocoa growing communities in the West African country.
Lionel Soulard, managing director West Africa for Cargill Cocoa & Chocolate, said: “Up until this point farmers and their cooperatives have not had access to affordable finance in order 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. Successful cooperatives are critical to the future of cocoa farming and cocoa communities.”
IFC resident representative Cassandra Colbert added: “We are delighted by progress made by the cooperatives through the Coop Academy and their efforts to become more professional, efficient and successful. This was an opportunity for us work with Cargill and SIB and leverage our expertise, and our strong relationships with an Ivorian bank, to help make a lasting impact on the cocoa farmers and their communities.”
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