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0 News Ghana, Latest Updates and Breaking News of Ghana, Roger A. Agana, https://newsghana.com.gh/cote-divoire-and-eib-forge-e100-million-partnership-to-boost-sustainable-cocoa-production/
The National Investment Bank of Côte d’Ivoire (BNI) and the European Investment Bank (EIB) have today announced a €100 million financial partnership aimed at promoting youth employment, gender equality, and enhancing economic and environmental sustainability in the cocoa sector.
Backed by an EU guarantee, this initiative will contribute to implementing the Global Gateway strategy, which aims to drive investments in global supply chains while ensuring that the highest environmental and labour standards are met.
This joint financing effort is part of the EU Sustainable Cocoa Initiative, designed to advance cocoa production that is free from deforestation and addresses critical issues such as child labour, economic sustainability, and environmental conservation. With over 90% of the funds allocated to the cocoa sector, the initiative seeks to meet the growing demand for sustainably produced cocoa under new EU regulations and national laws. The project also strives to support the fight against child labour and deforestation, promoting an ethical approach to cocoa farming.
The partnership, which embodies the Team Europe commitment to Côte d’Ivoire, will also create new economic opportunities, especially for youth and women, who are integral to the growth of the cocoa sector. At least half of the funds will be allocated to businesses run by or primarily employing young people. This initiative not only focuses on sustainable cocoa production but also provides a pathway to promote entrepreneurship and employment, which are vital for fostering long-term economic growth.
A key component of the project is a technical assistance programme designed to build the capacity of small and medium-sized enterprises (SMEs) and cooperatives in the cocoa sector, particularly those led by women entrepreneurs. This programme will support businesses in developing viable business plans, structuring financing applications effectively, and ensuring compliance with future environmental and social standards for exports to EU member states.
BNI CEO Youssouf Fadiga emphasized the importance of the partnership, stating that the initiative is not an isolated project but a shared vision between BNI and the EIB. He highlighted the complementary strengths of both institutions—EIB’s expertise in sustainable projects and BNI’s deep local knowledge—as crucial to bringing the initiative to life.
EIB Vice-President Ambroise Fayolle underscored the project’s significance, noting that it will align cocoa production with higher EU environmental and social standards while also promoting entrepreneurship and employment, particularly for women and young people. He added that this agreement is a key part of the Global Gateway strategy, which aims to transform agricultural value chains into more sustainable and equitable systems. Fayolle stressed that the initiative would reinforce Côte d’Ivoire’s position as a global leader in sustainable cocoa production.
European Commissioner for International Partnerships, Jozef Síkela, also expressed his support, emphasizing that the partnership with Côte d’Ivoire aligns with the EU’s broader efforts to create sustainable, high-quality jobs and foster resilient supply chains, particularly in the cocoa sector.
The €100 million financing deal marks a major step forward in Côte d’Ivoire’s journey to transform its cocoa industry into a more sustainable and inclusive sector while also contributing to broader regional and global efforts to promote sustainable economic development.
News Ghana, Latest Updates and Breaking News of Ghana, Roger A. Agana, https://newsghana.com.gh/cote-divoire-and-eib-forge-e100-million-partnership-to-boost-sustainable-cocoa-production/
