Sucden Côte d’Ivoire gets €100 million AfDB funding for cocoa

11 Jul 2015
Financial Nigeria

Summary

This facility will help Sucden CI to expand its pre-financing arrangements with cooperatives and local suppliers in the cocoa sector in Côte d’Ivoire.

Cocoa

The Board of Directors of the African Development Bank (AfDB) approved on Friday, July 10, 2015 a two-year €100-million Soft Commodity Finance Facility for Sucres & Denrées Côte d’Ivoire (Sucden CI), a wholly owned subsidiary of Sucden SA in France.

This facility will help Sucden CI to expand its pre-financing arrangements with cooperatives and local suppliers in the cocoa sector in Côte d’Ivoire.

AfDB says this facility is well aligned with its objective of fostering inclusive growth as well as with the core operational priority of private sector development.

The facility is expected to provide a stable source of funding and the necessary liquidity to Sucden CI, and over time help to increase the export of cocoa from Côte d’Ivoire, build the capacity of local suppliers and cooperatives and in the process expand output of the cocoa sector.

The facility will be used to provide financing to scores of cooperatives and local suppliers to help strengthen the cocoa supply chain and promote private sector development in Côte d’Ivoire.

Sucres & Denrées was founded in 1952 and is being led as a private business group by Serge Varsano. With its headquarters in Paris, Sucres & Denrées is a recognised market leader in the global business of sugar. Through the years, the Group has expanded its scope of activities beyond sugar into other products and services like the supply chain management of cocoa beans and cocoa products, coffee beans and ethanol, as well as financial and commodities brokerage.


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