Cote d'Ivoire - Cocoa Pre-Export and Value Chain Trade Finance Support Facility -Sucres & Denrees (SUCDEN) (AFDB-P-CI-AAA-006)

Countries
  • Ivory Coast
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • African Development Bank (AFDB)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
U
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Jun 5, 2019
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
SUCDEN CI
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Agriculture and Forestry
  • Industry and Trade
The service or industry focus of the investment. A project can have several sectors.
Investment Amount (USD)
$ 57.44 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported U.A 79,781,717.22
Converted using 2019-06-05 exchange rate.
Bank Documents
Primary Source

Original disclosure @ AFDB website

Updated in EWS Jun 15, 2020

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

The project is a EUR 100 million, Cocoa Pre-Export and Value-Chain Finance Facility to support SUCDEN CI's participation in cocoa value chain in Cote d'Ivoire. SUCDEN CI is wholly owned subsidiary of SUCRE & DENREES Group (SUCDEN SA), one of the world's leading global soft commodity producer and aggregator headquartered in Paris, France. The Bank previously had granted a EUR 100 million facility to SUCDEN CI and its performance under that arrangement was satisfactory. The facility enabled SUCDEN CI to double its pre-financing and support small cooperatives and wholesalers (covering more than 7,500 small-scale farmers) thereby impacting positively the cocoa industry in Cote d'Ivoire. The proposed project is a package of three successive one-year facilities for a maximum exposure of EUR100 million at any given time during the tenor of the facility. This facility will allow the Bank to reach local cooperatives and thus the small farmers, without directly taking the risks on those entities, but through a seasoned commodity aggregator with sound knowledge in the cocoa industry and is able to take and manage the risks that come along in the sector. The pre-financing is expected to assist local suppliers, farmers grow their revenues, produce quality crops and develop drying, and storage facilities that will help them obtain better value for their produce.

The objective of the proposed Cocoa Pre-Export and Value-Chain Support Finance Facility is to assist in the development of the cocoa value chain in Cote d'Ivoire by providing financing to SUCDEN CI. The funds will be used to pre-finance local suppliers as well as finance cocoa working capital needs.

SUCDEN CI will use the facility to finance local suppliers and farmers in conformity with its own credit assessment and risk appetite. Women and youth driven co-operatives will be targeted under this facility.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

Contact Information
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private-sector@afdb.org

ACCOUNTABILITY MECHANISM OF AfDB

The Independent Review Mechanism (IRM), which is administered by the Compliance Review and Mediation Unit (CRMU), is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an African Development Bank (AfDB)-financed project. If you submit a complaint to the IRM, it may assist you by either seeking to address your problems by facilitating a dispute resolution dialogue between you and those implementing the project and/or investigating whether the AfDB complied with its policies to prevent environmental and social harms. You can submit a complaint electronically by emailing crmuinfo@afdb.org, b.kargougou@afdb.org, b.fall@afdb.org, and/or s.toure@afdb.org. You can learn more about the IRM and how to file a complaint at https://www.afdb.org/en/independent-review-mechanism/.

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