$14 Million in Investment Financing for Cashew Processors Made Available Through Partnership with BOAD
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. The agreement will make available CFA 7 billion (US$14 million) in investment financing to cashew processors supported by the ACA in CFA zone countries. These funds will enable an increase of processing capacities, including the acquisition of new equipment and expansion of facilities. The agreement also includes a follow-up training for bankers to be held by ACA and the USAID West Africa Trade Hub on the specifics of cashew financing. 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 MOU signing was covered by Togolese media here