Luxembourg-based European Investment Bank (EIB) has entered into a Memorandum of Understanding (MoU) with Senegal-based finance institution Compagnie Financière Africaine (COFINA), to bolster sustainable agriculture initiatives and value chains in West Africa. As part of the agreement, the EIB will allocate 16 million euros ($17.1 million) to support small- and medium-sized enterprises, women-led projects, and entrepreneurs engaged in sustainable agriculture endeavors in Ivory Coast, while $10.7 million will be invested in Senegal through COFINA. The managing director of COFINA in Ivory Coast, emphasized the goal of reaching rural populations through cooperatives and associations to automate production chains, thereby fostering local champions in agriculture.
The EIB expects this funding to stimulate job creation, economic growth, the adoption of environmentally friendly farming practices, and food security in both countries, addressing challenges posed by the COVID-19 pandemic and the Russia-Ukraine conflict. Technical assistance will complement the financial support, particularly for women-led businesses, focusing on enhancing productivity in irrigation, mechanization, and storage. The funding is anticipated to support up to six thousand jobs across various agricultural value chains, including cocoa, cashew, food crops, cereals, and horticulture.