European Investment Bank and COFINA Group Partner to Boost Agricultural Value Chains in Côte d'Ivoire and Senegal

Strategic Insights -

The European Investment Bank (EIB) and the COFINA Group, a pan-African financial institution, have signed a memorandum of understanding to support the development of sustainable agricultural value chains in Côte d'Ivoire and Senegal. The partnership aims to provide long-term financing to small and medium-sized enterprises (SMEs) and mid-caps, particularly in the agricultural sector, and to promote environmentally friendly practices, job creation, and economic stability in the two countries.

Key Takeaways:

  • The partnership will provide €16 million and €10 million in long-term financing to COFINA Côte d'Ivoire and COFINA Senegal respectively, with the support of the European Fund for Sustainable Development Plus (EFSD+).
  • Around 6,000 jobs in SMEs and mid-caps will be supported by COFINA funding in Côte d'Ivoire and Senegal.
  • The operation aims to bolster the COFINA Group's support for agricultural value chains, including cocoa, cashews, and food crops in Côte d'Ivoire and cereals and horticulture in Senegal.
  • The cooperation includes ambitious targets for climate action, environmental sustainability, and financial inclusion, particularly for women.
  • The partnership is part of the European Union's external action and contributes to the achievement of the African Union Agenda 2063 and the EU Multiannual Indicative Programme for Sub-Saharan Africa 2021-2027.

Statistics:

  • €28 billion: the amount of investment provided by the EIB in innovative technologies, green energy, water, education, agriculture, telecommunications, healthcare, and businesses in 40 countries across Africa over the past decade.
  • €8.5 billion: the amount of investment provided by the EIB in new private and public investment across Africa since the start of the pandemic in 2019-2020.
  • 40 countries: the number of countries across the African continent where the EIB has provided investment over the past decade.

Sources:

  • European Investment Bank (EIB) and COFINA Group sign memorandum of understanding.
  • European Commission's Global Gateway strategy.
  • European Union's Neighbourhood, Development and International Cooperation Instrument (NDICI).
  • African Union Agenda 2063.
  • EU Multiannual Indicative Programme for Sub-Saharan Africa 2021-2027.