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OPEC Fund loan to promote food security and agricultural development in Côte d’Ivoire
Photo: BOULENGER Xavier/Shutterstock.com
September 16, 2022: The OPEC Fund for International Development is providing a US$60 million loan in support of the Northern Agro-Industrial Pole Project (2PAI-Nord) in Côte d’Ivoire to finance the development of high-potential geographical areas called agricultural growth poles or Agropoles. Co-financed with the African Development Bank (AfDB), the 2PAI-Nord project will improve food and nutritional security by reducing the dependence on food imports and increasing the export of highly competitive agricultural products.
2PAI-Nord is the second of nine planned integrated agricultural development poles outlined in Côte d’Ivoire’s National Development Plan. It will support 65,000 vulnerable family-farming households, benefiting nearly 400,000 people, specifically women and youth, with limited access to food and markets. Agriculture is the primary source of livelihood for two-thirds of households in Côte d’Ivoire, accounting for more than 20 percent of GDP.
In addition, up to 1.2 million people in neighboring regions will benefit from investments in basic road and social infrastructure.
OPEC Fund Director-General Dr. Abdulhamid Alkhalifa said:
“Côte d’Ivoire’s medium to long-term agricultural development strategy will help realize the sector’s potential, reducing imports and increasing exports. Growing prosperity will also translate into better living conditions for many communities. We are pleased to partner with AfDB and extend our support to the government of Côte d’Ivoire to strengthen food security.”
2 PAI-NORD will contribute to the achievement of the Sustainable Development Goals (SDGs) related to poverty (SDG 1), hunger (SDG 2), gender equality (SDG 5), equity (SDG 10) and climate change (SDG 13).
Although Côte d’Ivoire is the world’s leading producer of cocoa and a major exporter of raw cashew nuts, the processing of agricultural products remains negligible and the country depends on agricultural imports. 2 PAI-Nord aims to support and increase the mobilization of private investment, particularly in processing agricultural products like rice, meat and fish, cashews, mango and shea, and facilitate farmers’ access to markets, reducing the dependency on agricultural imports in the four northern provinces Bagoué, Hambol, Poro and Tchologo.
About the OPEC Fund
The OPEC Fund for International Development (the OPEC Fund) is the only globally mandated development institution that provides financing from member countries to non-member countries exclusively. The organization works in cooperation with developing country partners and the international development community to stimulate economic growth and social progress in low- and middle-income countries around the world. The OPEC Fund was established by the member countries of OPEC in 1976 with a distinct purpose: to drive development, strengthen communities and empower people. Our work is people-centered, focusing on financing projects that meet essential needs, such as food, energy, infrastructure, employment (particularly relating to MSMEs), clean water and sanitation, healthcare and education. To date, the OPEC Fund has committed more than US$22 billion to development projects in over 125 countries with an estimated total project cost of US$187 billion. The OPEC Fund is rated AA+/Outlook Stable by Fitch and AA, Positive Outlook by S&P in 2021. Our vision is a world where sustainable development is a reality for all.