Abidjan, Côte d'Ivoire, June 7, 2022— To support jobs and development in Côte d'Ivoire's cotton sector, IFC and the Private Sector Window of the Global Agriculture and Food Security Program (GAFSP) today announced a partnership with Compagnie Ivoirienne pour le Développement des Textiles (CIDT), a leading producer and exporter of sustainably-produced cotton lint.
IFC and GAFSP will provide a loan and advisory services to support CIDT's expansion in Côte d'Ivoire and to help the company bring thousands more cotton farmers into its value chain, contributing to sustainable economic development in central and northern Côte d'Ivoire.
The €15.4 million loan includes €7.7 million from IFC's own account and up to €7.7 million from GAFSP. The funds will enable CIDT to upgrade its existing facilities and support the construction of a new state-of-the-art ginning plant in Tieningboué, a rural town in central Côte d'Ivoire.
The partnership is expected to create 150 direct and roughly 8,050 indirect jobs along Côte d'Ivoire's cotton value chain. In addition, 12,000 new farmers (including 6,500 new smallholder farmers) will be integrated into CIDT's supply chain, giving them access to a long-term market and sustainable incomes.
"IFC's investment gives us the long-term financing we need to build our capacity to serve the fast-growing market and develop a robust value chain for a sustainable business," said René Silué, Managing Director of CIDT.
"IFC's partnership with CIDT will support sustainable growth in Côte d'Ivoire's important cotton industry, adding value to the Ivorian economy in producing goods and services for export, and job creation. This partnership highlights IFC's commitment to supporting recovery and long-term growth in Côte d'Ivoire by empowering local champions," said Olivier Buyoya, IFC's Country Manager for Côte d'Ivoire.
Supported by GAFSP and other donors, IFC will also train CIDT's farmers in climate-smart agricultural practices to increase their harvests and in producing food crops alongside cotton. IFC will also explore ways the farmers can access digital financial services and work to strengthen farmer organizations to help them deliver better services to their members.
Côte d'Ivoire is the world's 15th largest cotton producer, harvesting roughly 1.2 million bales annually, the majority of which is exported.
About IFC
IFC—a member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2021, IFC committed a record $31.5 billion to private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity as economies grapple with the impacts of the COVID-19 pandemic. For more information, visit www.ifc.org.
About GAFSP
The Global Agriculture and Food Security Program (GAFSP) is a global effort that pools donor resources to fund programs focused on increasing agricultural productivity as a way to reduce poverty and increase food and nutrition security. The Private Sector Window, administered by the IFC and supported by the governments of Australia, Canada, Japan, the Netherlands, the United Kingdom, and the United States, provides long- and short-term loans, credit guarantees, capital and technical assistance to private sector companies and financial intermediaries. It links smallholder farmers to markets by improving their access to finance, technology, expertise, and inputs.
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