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The International Finance Corporation (IFC) in partnership with Barry Callebaut, a Swiss-based chocolate maker, and the Netherlands Sustainable Trade Initiative (IDH) have signed a $9 million risk-sharing agreement to help smallholder cocoa farmers in Côte d’Ivoire access credit to raise production and earnings.

Under the agreement, IFC and Barry Callebaut will equally share the risk in the $9 million local currency-equivalent credit facility, which will help up to 100,000 farmers purchase fertilizers and lease large equipment, such as tractors, according to a statement released on Thursday.

“IFC’s partnership with Barry Callebaut and the Netherlands Sustainable Trade Initiative will help farmers in Cote d’Ivoire gain access to credit and training that will enable them to upgrade their operations and join value chains linking them to cocoa buyers and global chocolate consumers,” said Alzabeta Klein, the IFC’s Director for Manufacturing, Agribusiness and Services.

Côte d’Ivoire is the world’s largest exporter of cocoa beans, accounting for 30 percent of global cocoa exports. Despite the country’s gargantuan output, its farmers could vastly increase their yields with improved training and access to credit, the IFC said.

As farmers increase production and formalize their operations, it is expected that they will establish the track records required to borrow directly from local financial institutions.

“By de-risking investments, we will deepen our direct impact on farmers,” said Joost Oorthuizen, the Executive Director of IDH. “Through this programme, we expect farmers to increase their bankability and ultimately the quality of their livelihood by leveraging public funding with private sector contributions at a ratio of more than 1:10.”

Farmers benefiting from the IFC-led project will supply their cocoa beans directly to two Ivorian subsidiaries of Barry Callebaut, the world’s leading manufacturer of high-quality chocolate and chocolate products with an annual sales volume of 1.8 million tonnes.

“The start of this initiative represents an important step in promoting professional, sustainable cocoa farming, helping subsistence farmers become entrepreneurs,” said Antoine de Saint-Affrique, Chief Executive Officer of Barry Callebaut.