$14 Million in Investment Financing for Cashew Processors Made Available Through Partnership with West African Development Bank

On Friday May 11, ACA Managing Director Christian Dahm, USAID West Africa Acting Director Lisa Franchett, and the President of BOAD (Banque Ouest Africaine de Developpement, or the West African Development Bank) Christian Adovelande signed a Memorandum of Understanding in Lome, Togo to improve access to finance for investments in cashew processing. From left: ACA Managing Director Christian Dahm, USAID West Africa Acting Director Lisa Franchett, and BOAD President Christian Adovelande sign an MOU In addition to the signatories, ACA National Representative for Benin and cashew processor Georgette Tarraff also participated in the event along with the ECOWAS Bank for Investment and Development (EBID), another ACA partner in its access to finance initiatives.

The agreement will make available CFA 7 billion (US$14 million) in investment financing to cashew processors supported by ACA in CFA zone countries. These funds will enable an increase of processing capacities, including the acquisition of new equipment and expansion of facilities. Greater access to finance thus leads directly to the creation of new jobs within the cashew sector in West Africa.

The agreement also includes a follow-up training to be held by ACA and the USAID West Africa Trade Hub for bankers on financing cashew processing and the specific needs of the cashew industry.