FDBusiness.com

Farmer Cooperatives in Cote d’Ivoire to Benefit From Access to Affordable Funding

 Breaking News
  • Britvic Delivers Strong First Half Britvic, the UK-based soft drinks group, increased revenue by 4.9% to £769.2 million – by 1.9% on an organic basis – for the 28 weeks ended 14 April 2019, compared to the corresponding period in the previous year. Adjusted EBIT increased 4.0%, on a reported basis, to £83.7 million, whilst organic adjusted EBIT increased 5.0%. [...]...
  • Carlsberg and Liverpool FC Extend Partnership to 31 Seasons Carlsberg and Liverpool Football Club have agreed a five-year extension to their partnership – securing Carlsberg’s role as Official Beer until the end of the 2023-24 season. The new deal builds on the longest standing partnership in the Premier League, which began in 1992 and has seen Carlsberg sponsor the team ever since. As a [...]...
  • Packaging Innovations and Luxury Packaging London 2019 Set to Return For 10th Year With Biggest Show Yet As Packaging Innovations and Luxury Packaging London 2019 prepares to return to the Olympia on 11 & 12 September, James Drake-Brockman, Divisional Director of Easyfairs’ Packaging Portfolio, discusses plans for the show. Why should the event be in all packaging professionals’ calendars? Packaging Innovations and Luxury Packaging London 2019 provides packaging professionals with the perfect platform to network with peers [...]...
  • Diageo Launches New Super-premium Gin Diageo is introducing a new super-premium Italian gin, Villa Ascenti. The launch comes at a time when the super-premium and ultra-premium gin categories are the fastest growing segment within gin in Europe. Villa Ascenti will initially be available in 14 European countries. A new €420,000 (£360,000) distillery has been built on the site of the brand [...]...
  • European Commission Proposes to Increase Price Transparency in the Food Chain Having banned unfair trading practices and improved producer co-operation, the European Commission has presented the third element to improve fairness in the food supply chain by introducing greater transparency in the way prices are reported throughout the chain. The European Commission has tabled a proposal that will make available crucial information on how prices are determined [...]...

Farmer Cooperatives in Cote d’Ivoire to Benefit From Access to Affordable Funding

Farmer Cooperatives in Cote d’Ivoire to Benefit From Access to Affordable Funding
September 21
10:03 2015

Farmer cooperatives in Cote 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 the 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 the 9th 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, Côte d’Ivoire.

This project, which is unprecedented in the cocoa sector, is the latest initiative under the Cargill Cocoa Promise and marks a major milestone towards professionalising cooperatives and empowering the farmer organisations to invest in their own futures. So far, 43 cooperatives have applied to participate in the initiative and will result in 78 new trucks being leased in the first year alone.

Logistics can be a big challenge for farmers and their cooperatives – the cost of transporting cocoa beans to market; poor road infrastructure damaging vehicles; maintaining and repairing old trucks and lack of access to any funding to update vehicles is hindering the success and efficiency of some farmer organisations. Investing in better transportation is key for cooperatives to grow and sustain their businesses. However funding options are limited and mostly of a very short term which does not allow for the financing of capital goods.

This initiative is the latest development of the partnership between Cargill and the IFC, which last year successfully extended the Cargill Coop Academy in order to expand access to advanced business skills training to over 300 cooperative leaders in Cote d’Ivoire.

These new commercial mid-term loans are backed by Cargill with a very competitive interest significantly lower than current available loans and can be taken for a three year term – making these loans not only the first of a kind but also one of a kind.

“Up until this point farmers and their cooperatives have not had access to affordable finance in order to grow, improve or sustain their businesses”, says Lionel Soulard, Managing Director West Africa Cargill Cocoa & Chocolate. “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.”

CAPTION:

Some of the brand new trucks being made available to cocoa cooperatives under the new scheme from Cargill and IFC.

About Author

mike

mike

Related Articles



Food & Drink Business Conference & Exhibition 2016

Upcoming Events

  • June 18, 2019Multimodal 2019
  • June 25, 2019BevExpo 2019
AEC v1.0.4

find food jobs

The Magazine

F&D Business Preferred Suppliers

New Subscriber

Subscribe Here



Advertisements