Wednesday, August 4, 2021

AfDB To Support Ivory Coast’s Agricultural Chains To Boost Economic Growth

The African Development Bank (AfDB) has stated its support for agricultural value chains in Ivory Coast.

This was disclosed in a press release issued on Tuesday – seen by BizWatch Nigeria.

According to the development bank, the support is aimed at the creation of jobs and boosting economic development in the West African nation.

AfDB’s President, Akinwumi Adesina, said that “The African Development Bank will support the Ivorian government in the creation of agricultural value chains in banana, mango, palm oil, cashew, coffee and cocoa products … There will be investments to transform rural areas into areas of wealth.”

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Investment from the bank – headquartered in Ivory Coast’s capital, Abidjan – since 2015 has totalled $2.7 billion.

The bank noted that its support was to ensure that the economy is “more” inclusive, spurring a transformation in the country’s rural settlements.

Adesina added that the bank had pledged its support to the Ivorian Government’s 2021-2025 National Development Plan.

Adesina said, “Côte d’Ivoire was in an exceptional trajectory with an average growth rate of 7% from 2016 to 2019. Unfortunately, because of Covid-19, growth has dropped to 2% in 2020.

“But with the economic recovery and vaccinations helping, the tourism, services, transport and manufacturing industries are recovering. We expect the Ivorian economy to rebound by 6.2% this year and 6.5% in 2022.”

Ivorian Prime Minister, Patrick Achi, who hosted Adesina, welcomed the bank’s support, expressing appreciation for the bank’s continued support.

Present at the session were Ivorian Ministers of Finance, Adama Coulibaly, Planning, Nialé Kaba, and Agriculture, Kobena Kouassi Adjoumani.

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