(Ecofin Agency) - The French group Sucres & Denrées Côte d’Ivoire (Sucden CI) has just been granted a financing of €100 million by the African Bank of Development (AfDB). This amount, loaned within the framework of the Soft Commodity Finance Facility, will be used to pre-finance the cocoa season, indicated the institution.

According to AfDB, the loan which has a two-year maturity will allow Sucden to “provide financing to dozens of co-operatives and local suppliers to help strengthen the cocoa supply chain and promote the development of the private sector in Côte d’Ivoire”.

It is worth noting that this is one of the first loans granted by the bank since the accession to its head of the Nigerian Akinwumi Adesina, former minister of Agriculture of the leading economic power on the continent.

Founded in 1952, Sucden which has about 4,000 employees deals in cocoa, coffee and sugar amongst other commodities.