THE International Finance Corporation (IFC), a member of the World Bank Group, has signed an agreement with the World Cocoa Foundation (WCF) and the Dutch Sustainable Trade Initiative (DSTI) to explore and implement a cocoa farm finance program in West Africa. BusinessWorld Intelligence can disclose that the programme is aimed at providing better access to finance for farmers and  help them increase local, sustainable production.
The programme tagged Planned Multi-year West Africa Cocoa Finance Program (Pm-WACFP) will be carried out in partnership with global cocoa manufacturers, processors, and traders, including Nestlé, Mars Incorporated, Cargill, Armajaro, and Archer Daniels Midland Company.
Bill Guyton, President of the WCF, said, “IFC has a long track record of advisory and investment services in access to finance knowledge management, agri-finance, and promoting environmentally and socially sustainable supply chain linkages with small farmers. We look forward to working with IFC to leverage that expertise, along with the DSTI and key industry players, in support of these farmers and their families.”
Joost Oorthuizen, Director of DSTI, said, “Extending the outreach of financial markets to smallholder cocoa farmers is vital for improving their businesses and livelihoods, but it is also a business opportunity for the finance sector. We believe this partnership can develop that business case. We look forward to working with IFC, the World Cocoa Foundation and global cocoa manufacturers and traders in this important and innovative initiative.”  Monika Weber-Fahr, IFC Global Business Line Leader, Sustainable Business Advisory, said, “This is an innovative partnership, for us and for our partners. To improve the conditions under which financing is available to smallholder cocoa farmers, we need to understand the constraints and opportunities better, and our respective organizations’ experiences should help us make a meaningful difference in a sector that impacts the livelihood of at least 20 million farmers and their families throughout West Africa.”