EIB Announces $27.8M Funding Towards Sustainable Agriculture in West Africa
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Under the agreement, the EIB will direct €16 million ($17.1 million) to small- and medium-sized enterprises, women-led initiatives and entrepreneurs conducting sustainable agriculture projects in Ivory Coast, while €10 million ($10.7 million) will be injected into developments in Senegal via COFINA.
With the funding, Sié Amed Touré, Managing Director of COFINA in the Ivory Coast, stated: “We will be able to reach rural populations through cooperatives and associations. We aim to provide solutions that will enable them to automate their production chain all the way up to the crop processing stage and make them local champions.”
The EIB anticipates the funding will catalyze job creation, spur economic growth, promote the adoption of eco-friendly farming methods and strengthen food security in both countries, in the wake of the supply chain challenges posed by the COVID-19 pandemic and Russia-Ukraine conflict. The Bank will combine funding with technical assistance to support women-led businesses, with an emphasis on increasing productivity in irrigation, mechanization and storage.
Up to 6,000 jobs across the cocoa, cashew, food crops, cereals and horticulture value chains are expected to be supported by the funding.
