USAID, ECOWAS and ACA team up to improve access to finance across cashew industry

USAID, ECOWAS and ACA team up to improve access to finance across cashew industry Print E-mail

ImageUSAID/West Africa, the ECOWAS Bank of Investment and Development (EBID) and the African Cashew Alliance (ACA) signed a Memorandum of Understanding on Monday, December 20, 2010 to address one of the most critical obstacles to development in the cashew industry: Access to finance.

“This agreement will open up access to medium- to long-term finance to cashew processors who need it,” said Roger Brou, director of business and finance at the USAID West Africa Trade Hub. “With access to finance, they can expand their operations, which will create badly needed jobs and bring more income into the regional economy.”

“This is a tremendous step forward for the cashew industry,” said Cherif Hibrahima, president of the African Cashew Alliance. “Access to finance is a critical need for any company. The ACA, ECOWAS and USAID have worked closely together to find solutions to this critical challenge.”

The memorandum formalizes the signatories’ mutual interest in facilitating financing to promote the development of the cashew sector, which will aid the socio-economic development of stakeholders, and support the fight against poverty in the ECOWAS region.