IN THE FIELD
A financing as smooth as chocolate
OPEC Fund supports commodities trader Sucden in Côte d’Ivoire
F rom farm to factory, cocoa is the key ingredient for millions of smallholder farmers across Africa. Bringing the cherished goods to market is the work of commodity traders such as the global operator Sucden. The company has recently won the OPEC Fund’s backing with a €50 million loan for its latest activities in Côte d’Ivoire, the largest cocoa producer in the world. OPEC Fund Acting Senior Investment Manager Fatima Yakubu attended the closing ceremony in Paris, travelled onwards to Abidjan and participated in a site visit at the Société Cooperative Agricole des Planteurs de Café Cacao et Anacarde de Toumodi, located 300 km to the north of the capital. Over 1,200 farmers, including close to 200 women, constitute the cooperative. The average size of each farm is two hectares. Together they can produce up to 1,500 tons of cocoa that is fully traceable thanks to a system covering the whole supply chain, connecting individual farms with the cocoa produced and enabling stakeholders to know the conditions under which it was grown. The traceability system helps ensure the product adheres to sustainability and environmental standards. Most of the cocoa beans are certified by the Rainforest Alliance, an independent watchdog. Ms. Yakubu said: “Visiting the farming cooperative, cocoa farms, processing plants and witnessing the full value chain from harvest fields to export
warehouse was profoundly enlightening. I was deeply moved by the resilience of the smallholder farmers who are passionately cultivating the crop on 1–2 hectare plots of land. The farmers’ knowledge in ensuring sustainable cocoa farming practice and understanding the need to prevent harmful child labor was comforting particularly given the risks in cocoa farming.” Traceability and responsible sourcing are top of the priority list for the OPEC Fund’s partner, Ms. Yakubu explained: “These are not just industry buzzwords – they are essential for improving farmers’ livelihoods and ensuring the long-term future of cocoa production.” The loan facility will support Sucden in expanding its origination activities of traceable cocoa beans from Côte d’Ivoire for export, improving incomes and living standards of smallholder farmers. “I was impressed by the dedication and efforts in ensuring 100 percent traceability and sustainability of cocoa sourced from Côte d’Ivoire with the support of the OPEC Fund’s
to ferment for around six days after which they are manually dried by the farmers and then taken to the collection center. The cooperatives aggregate the cocoa beans at the collection center which are then transported to the factory specified by Sucden. Here the cocoa beans are checked for quality, cleaned, further dried and finally bagged for export. After visiting a facility in Abidjan, Ms. Yakubu reported: “I had the opportunity to observe the entire process, from the arrival of cocoa beans to the unloading of the trucks, then the cleaning, drying, bagging and the quality control checks. The commitment to quality and ensuring complete traceability of each cocoa bean was truly commendable. This visit has reinforced my understanding of the crop value chain and the vital role that the cocoa industry plays in the local economy of Côte d’Ivoire.” Thierry Bourvis, General Manager of Sucden Group, said: “We are proud to have concluded an agreement with the OPEC Fund at the end of 2024 to finance the cocoa bean supply chain in Côte d’Ivoire for an amount of €50 million. The financing is part of a €350 million syndicated facility led by the International Finance Corporation (IFC) in favor of Sucden Côte d’Ivoire to strengthen our procurement of traceable cocoa beans from the country, to support our commitment to sustainable and responsible practices in the cocoa supply chain and
farming practices and promoting responsible
labor practices, including the protection of children. The company partners with multi-stakeholder platforms and expert organizations to implement its initiatives. One hundred percent of Sucden’s direct supply chain is covered by a Child Labor Monitoring and Remediation System. Once harvested the semi- dried cocoa beans are supplied to a factory where they are processed for export. Freshly harvested cocoa beans are left
Witnessing the full value chain from harvest fields to export warehouse was profoundly enlightening.
financing, which further promotes sustainable cocoa farming practices in the country,” Ms. Yakubu said. Sucden also pays special attention to skills development,
Fatima Yakubu, Senior Investment Manager, OPEC Fund
supporting farmers to improve
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Photo: OPEC Fund
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