According to the FMO, the core objective of the project is to establish a rural Microfinance Institution (MFI) to foster financial inclusion in Ivory Coast. Tailored farming credit and savings services, combined with agronomic advice will be designed and provided to Ecom's smallholder farmers, which will allow the farmers to invest in productive inputs and to increase their farming revenues.
This CD project will have significant impact at the farmer level by supporting the development of new products that meet the farmers' needs in combination with the provision of additional non-financial services. Financial inclusion of marginalized rural communities breaks the cycle of chronic poverty, by promoting productive investments and supporting the ability of families to recover from financial shocks.
As stated by the FMO, Ecom Ivory Coast (Ecom) is a part of Ecom Agrotrade Limited, a commodity trading and sustainability services company specializing in cocoa, with ancillary operations in adjacent commodities and associated services. Globally, Ecom is an industry leader in certified and traceable commodities; in 2013 Ecom sold 3 million bags of certified coffee and 150,000 metric tons (MT) of traceable cocoa.
As stated on the parent company's website, ECOM operates in more than 40 major producing countries, working with thousands of farmers and local businesses. We employ more than a thousand agronomists and field staff globally, running innovative, on-the-ground operations and sustainability programmes to help our customers and farming communities worldwide.
No project contacts provided at the time of disclosure.
FMO South Africa:
Phone: +27 11 507 2500
Parent Company - ECOM Agrotrade Ltd.:
ACCOUNTABILITY MECHANISM OF FMO
Communities who believe they will be negatively affected by a project funded by the Dutch Development Bank (FMO) may be able to file a complaint with the Independent Complaints Mechanism, which is the joint independent accountability mechanism of the Dutch Development Bank (FMO) and the German Investment Corporation (KfW) . A complaint can be filed in writing, by email, post, or online. The complaint can be filed in English or any other language of the complainant. The Independent Complaints Mechanism is comprised of a three-member Independent Expert Panel and it can provide either problem-solving, compliance review or both, in either order. Additional information about this accountability mechanism, including a guide and template for filing a complaint, can be found at: https://www.fmo.nl/independent-complaints-mechanism.