Barry Callebaut, IFC, and the IDH partner to provide credit for ‘productivity packages’ to farmers and co-operatives
- USD 24 million benefits generated to smallholders as a result of investments
- Reaching 103,000 farmers by 2020/21 season
- 23% expected income increase for farmers at year two
- All farmers in program will open savings accounts (4’000 already opened)
In a ground breaking partnership, Barry Callebaut, the world’s leading manufacturer of high-quality chocolate and cocoa products, IFC, a member of the World Bank Group, and IDH, the Sustainable Trade Initiative, announce a risk sharing partnership of USD 9 million to cover up to 103,000 smallholder cocoa farmers in Cote d’Ivoire by 2020.
Barry Callebaut, with support from IFC and IDH, will provide in-kind credit to farmers in the form of inputs and farm services. After a few successful years, farmers will have a positive operational and financial track record and thus become bankable, making it possible for local financial institutions to provide loans directly to farmers, a giant leap forward for cocoa farm financing.