The African Development Bank (ADB) will provide a loan of 2.28 billion francs CFA to the government of Burkina Faso in the project to support the development of the sector of cashew in the basin of the Caloé. Accounting for REDD +, it is the third AfDB assistance to the sector.
A donation of MoU and Loan was signed on Friday between the finance minister of Burkina Faso Hadizatou Rosine Coulibaly and Antoinette Batumubwira, Resident Representative of the African Development Bank (ADB) in Burkina Faso. The multilateral financial institution will provide a loan of 2.28 billion CFA francs in Ouagadougou to promote the sector of cashew (also called cashew nut) in the Caloé basin. The funding is part of the REDD + program (PADA / REDD) through which the government had initiated a project to support the development of cashew in the area, and who needed financial support. According Hadizatou Rosine Coulibaly, the project whose date for implementation runs until 2022, is twofold.
Contributing to the reduction of poverty in rural areas, to reduce deforestation and reducing emissions of greenhouse gases, the cashew tree is a carbon management capacity plant. ” Considered as a forest species to fight against erosion and desertification, cashew is now recognized to have economic opportunities for different rural stakeholders ,” FAO said in a study of the cashew sector in Burkina Faso. According to the study, the importance of the die cashew in Burkina Faso’s economy is well established.
The cultivation of cashew brought a lot to the economy over the past four years when aware of its importance, the government is enabled to reorganize the sector.
A SIGNIFICANT ECONOMIC IMPACT
1,000 hectares of orchards project ‘cashew’ ‘initiated by the government of Burkina Faso in 1980, today the country is 80,000 hectares. Taking the example of neighboring Ivory Coast, Burkina Faso was able to obtain rapid and significant production after a break in 1990. To date, Ouagadougou converts 5% of its production and exports the rest to India, Vietnam, Brazil through Abidjan (Côte d’Ivoire) and Tema (Ghana); and allows more than 45,000 households to derive income. A strong argument has always advocated for the ADB’s interest in the sector.
Recently, the financial institution said it had supported the Burkina Faso at a rate of 5.4 million on a project whose objective is the planting of 25,000 ha of cashew agroforestry, upgrading and construction of 10 cashew processing plants and mango, the development of 10 firing and shelling centers for women, coaching 540 farmers / producers. Besides this, the Burkinabe authorities had already obtained in January 2017, with the support of ADB, a loan in the amount of $ 4 million the Forest Investment Program Climate Investment Funds (CIF). This makes a big investment package for the sole subsidiary of cashew. It must be concluded that it carries a lot of hope.