WHAT DO WE SAY IN THE COUNTRY POLITICS ECONOMY INTELLIGENCE OPINIONS ICC AFRICA/WORLD CULTURE/TECHNOLOGY SPORTS FOOTIVOIRE JOHNNYBET Ivorian connection Advertising A LOG IN POSTED INECONOMY , WHAT DO WE SAY IN THE COUNTRY Funding of the cashew sector – Processors “woo†banks WRITING JANUARY 31, 2022 Côte d'Ivoire is the world's leading producer of cashew nuts with an average production of one million tonnes per year. An important source of income for the country's economy. However, the sector still faces enormous difficulties. In addition to the escape of part of the production to neighboring countries, there is the problem of local processing. The government's ambition is to achieve 50% local transformation of production by 2025. The current transformation rate is around 14%. This ambition is thwarted by the scarcity of financing for millers' projects. These, grouped within the Professional Association of Cashew Nut Processors (Aprotic) organized on January 27, a workshop with banks and financial institutions. The objective for both parties was to share information on the possibilities of bank loans. Institutions such as Nsia Banque, Bni, Fin'elle... have presented in turn the financing criteria and the facilities that can be granted to cashew nut processors. For his part, the president of Aprotic, Sanogo Tahirou explained to the press the difficulties of access to financing. “Many companies are closing in our sector due to lack of funding,†he revealed. "At our level, we need to structure ourselves," he added, noting that banks would be reluctant to inject money into a sector if it is in deficit. It is necessary, he insisted, to make every effort to secure the availability of the walnut around the factories which are set up, around 52 units, to date. Mr. Sanogo supports the zoning policy and denounces the flight of production to neighboring countries. All in all, millers and bankers made firm commitments at the end of the workshop and better prospects are on the horizon for producers and processors.