BACB has completed its first major transaction in Côte d’Ivoire, arranging an 18-month pre-export finance facility for Société
Amer et Frères (SAF) Cacao, the largest domestic trader and exporter of cocoa in the country.
The transaction is strategic for BACB and demonstrates its commitment to the emerging markets of Francophone West Africa. Côte d’Ivoire produces an estimated 30% of the world’s cocoa and the industry is a key source of foreign exchange for the West African country.
The transaction is secured on stocks of cocoa and funds will be used by SAF Cacao to purchase cocoa from growers and local cooperatives throughout Côte d’Ivoire during the 2015/16 and 2016/17 harvests.
Paul Hartwell, Chief Executive of BACB, said: “We strive to make a difference in every market in which we are active and we are very pleased to be partnering with SAF Cacao to bring international finance and employment to the cocoa sector. Côte d’Ivoire is a major player both in the cocoa sector and within Francophone Africa, making it a very important target market for us. This is why we have put down roots in the country; we will be signposting our on-the-ground presence with an official launch in Abidjan in November”.
Ali Lakiss, Managing Director of SAF Cacao, commented: “We are delighted to have concluded this ground-breaking transaction with BACB. Access to international financial markets will be critical to our growth in the coming years and will allow us to maintain our position as the largest domestic cocoa trader in Côte d’Ivoire”.
