Côte d’Ivoire, the European Union’s primary cocoa supplier, is receiving substantial support from the European Investment Bank (EIB). Ambroise Fayolle, Vice-President of the EIB, reaffirmed the institution’s strong backing for the cocoa value chain during his visit to Côte d’Ivoire.
The EIB has recently sealed a €2.1 million agreement (equivalent to 1.4 billion CFA francs) with COFINA Côte d’Ivoire, the key subsidiary of the West and Central African financial group COFINA.
This agreement is geared towards ambitious climate action, environmental sustainability, and financial inclusion, particularly focusing on women.
A total of 24 agricultural cooperatives, including 22 in the cocoa sector, will benefit from financial support aimed at fostering sustainable cocoa development in accordance with European Union standards. These selected cooperatives are notable for their social and community initiatives, such as building classrooms for the children of farmers.
It’s noteworthy that the EIB’s commitment to Côte d’Ivoire has significantly increased over the past five years, with investments exceeding €500 million (equivalent to 328 billion CFA francs) in diverse sectors, encompassing renewable energy, agriculture, water, transportation, healthcare, and private sector development.
