Bird & Bird Advised the African Development Bank on €100 Million Financing to Strengthen the Cocoa Sector in Ivory Coast
International law firm Bird & Bird has advised the African Development Bank on the approval by its Board of Directors of
Bird & Bird Advised the African Development Bank on €100 Million Financing to Strengthen the Cocoa Sector in Ivory Coast
International law firm Bird & Bird has advised the African Development Bank on the approval by its Board of Directors of a €100 million financing facility for Sucres et Denrées Côte d'Ivoire, the world's leading cocoa producer.
In addition to direct financing from the African Development Bank, this revolving facility combines €25 million in financing from the Africa Growing Together Fund (AGTF), a joint initiative of the African Development Bank and the China Development Bank, and $10 million in financing from the Agri-Food SME Catalytic Financing Mechanism (ACFM). It will expand pre-financing agreements with local cooperatives and suppliers, thereby filling the financing gaps in a sector that is vital to the Ivorian economy.
As the world's leading producer, accounting for more than 40% of global cocoa production (2.3 million tonnes in 2022-2023), Côte d'Ivoire will benefit from a significant strengthening of its supply and export capacities. The project is expected to increase export volumes by 10% per year and benefit more than 50,000 small producers through increased financing and enhanced technical assistance.
Beyond its economic objectives, this facility promotes sustainable practices by improving supply chain traceability, strengthening climate resilience and creating employment opportunities in rural communities, with a particular focus on empowering young people and women.
This operation is part of Côte d'Ivoire's 2021-2025 National Development Plan, which prioritises agro-industrial diversification to achieve GDP growth of 6.5% in 2025. It also signals the growing attractiveness of the African agricultural sector to international investors, encouraging broader investment in the regional agricultural value chain.
The Bird & Bird advised the African Development Bank with a team comprising Boris Martor (Partner), Sébastien Hoff (Counsel) and Kenza Fradji (Associate).
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