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Washington, DC, August 18, 2016 --
IFC, a member of the World Bank Group, Barry Callebaut, a leading manufacturer of high-quality chocolate, and the Netherlands Sustainable Trade Initiative (IDH) today announced a $9 million risk-sharing agreement to help up to 100,000 smallholder cocoa farmers in Côte d’Ivoire access credit needed to grow their production and earnings.
Under the agreement, IFC and Barry Callebaut will equally share the risk in the $9 million local currency-equivalent credit facility, which will help farmers purchase fertilizers and lease large equipment, such as tractors. As farmers increase production and formalize their operations, they will establish the track records required to borrow directly from local financial institutions.
The farmers are supplying cocoa to two subsidiaries of Barry Callebaut: the Societé Africaine de Cacao, and Biopartenaire, both operating in Côte d’Ivoire.
Antoine de Saint-Affrique, Chief Executive Officer of Barry Callebaut, said, “Sustainability is at the heart of our business model and values. The start of this initiative represents an important step in promoting professional, sustainable cocoa farming, helping subsistence farmers become entrepreneurs. Barry Callebaut is proud to lead the efforts to professionalize cocoa farming, and is excited about the support of our partners in this endeavor.”
Joost Oorthuizen, Executive Director of IDH, said, “By de-risking investments, we will deepen our direct impact on farmers. Through this program, we expect farmers to increase their bankability and ultimately the quality of their livelihood by leveraging public funding with private sector contributions at a ratio of more than 1:10.”
IFC Director for Manufacturing, Agribusiness and Services, Alzabeta Klein, said, “IFC’s partnership with Barry Callebaut and the Netherlands Sustainable Trade Initiative will help farmers in Cote d’Ivoire gain access to credit and training that will enable them to upgrade their operations and join value chains linking them to cocoa buyers and global chocolate consumers. Supporting small businesses is a major focus of IFC’s strategy in Africa.”
While Côte d’Ivoire leads the world in the production and export of cocoa, the country’s farmers could vastly increase their yields with improved training and access to credit. This project will help thousands of small farmers improve the quality and yield of their cocoa, thereby improving incomes.
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in emerging markets. Working with 2,000 businesses worldwide, we use our six decades of experience to create opportunity where it’s needed most. In FY16, our long-term investments in developing countries rose to nearly $19 billion, leveraging our capital, expertise and influence to help the private sector end extreme poverty and boost shared prosperity. For more information, visit
www.ifc.org
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With annual sales of about CHF 6.2 billion (EUR 5.6 billion / USD 6.6 billion) in fiscal year 2014/15, the Zurich-based Barry Callebaut Group is the world’s leading manufacturer of high-quality chocolate and cocoa products – from sourcing and processing cocoa beans to producing the finest chocolates, including chocolate fillings, decorations and compounds. The Group runs more than 50 production facilities worldwide and employs a diverse and dedicated global workforce of more than 9,000 people.
The Barry Callebaut Group serves the entire food industry, from industrial food manufacturers to artisanal and professional users of chocolate, such as chocolatiers, pastry chefs, bakers, hotels, restaurants or caterers. The two global brands catering to the specific needs of these Gourmet customers are Callebaut® and Cacao Barry®. The Barry Callebaut Group is committed to sustainable cocoa production to help ensure future supplies of cocoa and improve farmer livelihoods. It supports the Cocoa Horizons Foundation in its goal to shape a sustainable cocoa and chocolate future Read more about Barry Callebaut’s sustainability initiatives in the
2014/15 Chocolate Sustainability Report
. .
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IDH convenes companies, CSOs, governments and others in public-private partnerships. Driving the joint design, co-funding and prototyping of economically viable approaches to realize green & inclusive growth at scale in commodity sectors and sourcing areas. Approaches are designed to drive sustainability from niche to norm, delivering impact on the Sustainable Development Goals. Impact focuses on deforestation, living incomes and living wages, working conditions, toxic loading and gender. IDH is supported by multiple European governments, including institutional donors: SECO, DANIDA and BUZA and over 500 companies, CSOs, financial institutions, producer organizations and governments in 11 sectors and 11 landscapes in over 50 countries worldwide.
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