Access to credit for cocoa growers
Advans Côte d’Ivoire is a dynamic microfinance institution that is expanding its support to its more than 150 cocoa producer cooperatives in the country. The institution is a subsidiary of the international Advans Group, in which the EIB holds a significant stake. Poverty is widespread among cocoa grower communities in Côte d’Ivoire, with one third estimated to live on less than USD 1.25 per day.
A new EIB local currency credit line, worth EUR 5m under the ACP Smallholder Financing Facility, will help Advans Côte d’Ivoire extend financial support to 200 additional cooperatives over the next five years.
These cooperatives are certified according to international fair trade and sustainability standards. Each serves around 98 smallholder producers on average, helping them to get access to the productive inputs they need at the start of each season. Key results (on the basis that the EIB-provided credit is rolled over each year):
- 59 800 loans extended by cooperatives.
- EUR 334 average loan size.
- Benefiting 25 700 cocoa growers and their families.
In addition, the credit line will also be used to buy more than 600 trucks, which will enable the cooperatives to transport produce efficiently.