The African Export-Import Bank (Afreximbank) and the International Cocoa Organization (ICCO) have signed a memorandum of understanding aimed at boosting the development of the African cocoa sector and cocoa related business.
The memorandum of understanding, signed at the Afreximbank Headquarters in Cairo on 28 November, calls for the two organizations to collaborate to develop activities, secure funding and jointly implement activities and projects towards sustainability in the production and trade of Africa’s cocoa.
It also provides for them to focus initially on the development and implementation of solutions to improve the structural conditions of cocoa markets and to enhance the long-term competitiveness of smallholder cocoa farms and of the local cocoa and chocolate products industry in order to reinforce their capacity to participate in global trade.
Speaking during the signing ceremony, Afreximbank President Jean-Louis Ekra said that the Bank had provided about $350 million in financing to support cocoa processing activities in the four major cocoa producing countries in Africa.
The Bank also had a pipeline of another $400 million, added Mr. Ekra, as he reaffirmed Afreximbank’s commitment to helping achieve greater involvement of Africa in the global cocoa value chain, increasing cocoa consumption in Africa, diversifying the continent’s cocoa export markets, and improving productivity and income levels for African cocoa farmers.
“It is to achieve these ends that the Bank launched its Africa Cocoa Initiative (AFRICOIN),” said Mr. Ekra, who noted that that initiative had become very popular today.
Also speaking, Jean-Marc Anga, Executive Director of ICCO, welcomed the opportunity to collaborate with Afreximbank, saying that there was need for a strong focus on supporting indigenous African businesses to play an active role in the processing of Africa’s cocoa.
Afreximbank President Jean-Louis Ekra (3rd right) and ICCO Executive Director Jean-Marc Anga (4th right) with (l-R) Denys Denya, Afreximbank Executive Vice President for Finance, Administration and Banking services; Kanayo Awani, Director, Afreximbank’s Trade Finance and Branches Department; Dr. Benedict Oramah, Afreximbank Executive Vice President for Business Development and Corporate Banking; and Laurent Pipitone, Director of ICCO’s Economics and Statistics Division, following the signing of the memorandum of understanding between Afreximbank and ICCO
Afreximbank President Jean-Louis Ekra (Left) exchanges documents with ICCO Executive Director Jean-Marc Anga, following the signing of the memorandum of understanding at Afreximbank’s Cairo Headquarters
The Afreximbank and ICCO teams in group photo following signing of the memorandum of understanding