(Ecofin Agency) - Cote d’Ivoire recently signed with the African Development Bank (AfDB) three funding agreements valued at FCFA70 billion (€107 million) to support three agricultural projects which aim to modernize the nation’s agriculture.

In details, the first project focuses on the development of agricultural value chains in the Indénié-Djuablin region which is in the Central-Eastern part of the country. Valued at FCFA4.2 billion overall, the project will get a financing of FCFA3.3bn (€5M) from the Nigeria Special Fund (NSF), one of AfDB’s three entities. It will mainly focus on production, commercialization and processing of the region's main agricultural products.

The second project which involves the establishment of an agro-industrial hub in the Bélier region (2PAI BELIER), located about 200km north of Abidjan, will be backed with a financing of FCFA66bn. The facility breaks down into a commercial loan of CFA42bn, a concessional loan of CFA22bn and a grant of CFA2.8 billion.

The initiative will require a total investment of FCFA81 billion and be developed over 2,000 ha. It will benefit agricultural segments such as rice, maize, vegetables, fishery and pork-breeding, and result in the creation of 19,000 permanent jobs.

Besides these two major projects, CFA829 million will be dedicated to the funding of the preparatory phase of the "Enable Youth" project which is to be implemented in Cote d’Ivoire. The project which was launched by the AfDB aims to trigger new dynamics in Africa’s agricultural entrepreneurship environment, mainly by supporting youth investing themselves the sector.

Espoir Olodo