Ivory Coast: Launch of a €381.1 million credit line to finance exporters

Apr 26, 2013

African Export-Import Bank (Afreximbank) will make available to Ivorian businesses a CFAF250 billion (€381.1 million) credit line, after receiving the Ivorian Prime Minister's agreement.

African Export-Import Bank (Afreximbank) will make available to Ivorian businesses a CFAF250 billion (€381.1 million) credit line, after receiving the Ivorian Prime Minister's agreement.

Exporters in the country, particularly in the cocoa sector, will receive the largest portion of the credit line, Ecofin news agency reports.

Afreximbank is a multilateral financial institution established in 1993 to stimulate the expansion, diversification and steady development of African trade.

This credit line is expected to boost the country's economy, as Ivory Coast is the world's largest producer of cocoa beans, with an average annual production of 1.2 million tons, which represents 41 percent of the world's production.

According to figures
from
the Management Committee of the Cocoa Industry, the cocoa economy provides about 40 percent of export earnings and contributes up to ten percent to the formation of the country's Gross Domestic Product. About six million people out of a population of 16 million live from cocoa revenues.ADNFCR-2976-ID-801577606-ADNFCR