$40 million investment to increase lending for women in agribusiness in Côte d’Ivoire
Côte d’Ivoire is emerging from a decade of instability and economic dislocation, and is at a critical stage in its post conflict recovery. Agriculture is a key sector in the country’s economic development, and access to credit is necessary for the sector to grow.
Investment in new technologies and sustainable production methods for crops, along with improvement of farm practices, can help transform farmers from subsistence and semi-commercial producers into commercial farmers, thereby increasing both livelihoods and food security.
IFC is guaranteeing up to $40 million of loans made by Societe Ivoiriene de Banque (SIB), which will support overall new lending of about $80 million to small- and medium-sized enterprises, focusing on women and agribusiness. SIB, which is Côte d’Ivoire’s fifth largest bank by loan book, has historically targeted less risky cocoa firms, but its objective is to diversify into other sectors, such as cotton, cashew nuts, and citrus fruits, where perceived risks are higher and access to finance for smaller firms is limited.