03 | THE DELIVERY – TRADE
TRADE
Tracing trade in Côte d’Ivoire
A key spoke in the wheel of global commerce, trade finance helps firms navigate the complexities of international trade while promoting economic growth. In 2024, the OPEC Fund provided US$375 million in trade finance facilities to partner countries worldwide.
Côte d'Ivoire is the world’s largest cocoa producer, delivering more than 40 percent of global supply, according to the United Nations. The country’s cocoa sector provides income for around a million farmers, with a further five million people working in secondary roles — making the industry truly pivotal for rural development and poverty reduction. A new project backed by the OPEC Fund is now helping to rein- force the cocoa sector in Côte d'Ivoire, while at the same time putting a greater focus on sustainability. The ¤50 million loan feeds into a trade finance facility with the commodities broker Sucden for the procurement and export of traceable cocoa beans for the 2024/2025 season. Traceability is important because it maps the supply chain, connecting individual farms with the cocoa produced and so providing stakeholders with more detailed information on growing conditions. This approach helps to ensure that the end product meets agreed environmental and sustainability standards. The OPEC Fund’s loan is part of a ¤250 million financing facility organized by the World Bank’s private sector arm, the Interna- tional Finance Corporation (IFC). In addition to IFC providing ¤120 million, the Dutch development bank FMO is also participating with ¤80 million. The financing covers the entire supply chain from the sourcing of cocoa beans to the final payment by end-buyers.
FATIMA YAKUBU Acting Senior Investment Manager, OPEC Fund
“The OPEC Fund is committed to financing sustainable and traceable cocoa production and export globally. Through a ¤50million loan to Sucden, the OPEC Fund is supporting sustainable cocoa production, enhancing farmers’ liveli- hoods and promoting traceable cocoa trading aligned with European Union deforestation regulations. Our financing has bolstered the local economy as well as environmental stewardship, ensuring the long-term sustainability of the cocoa industry and the communities it supports. It is rewarding to note that our financing is improving the livelihood of smallholder farmers, strengthening the resilience of the cocoa industry and the growth of the Ivorian economy.”
6 MN Number of people working in the national cocoa sector
20 % Share of GDP generated by cocoa production
40 % Share of world cocoa production by volume
Source: United Nations
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