A multimillion-dollar fund has been launched to promote Africa’s coffee industry.
In a collaboration between the InterAfrican Coffee Organisation (IACO), the Centre for Agriculture and Biosciences International and the International Coffee Organisation, the US$950 million Africa Coffee Facility (ACF) hopes to increase the continent’s coffee exports by 40% a year. Africa currently accounts for 10% of global coffee exports.
The IACO reports that the fund aims, over the next 10 years, to invest US$500 million in setting up a sustainable coffee supply; US$100 million on improving demand and attracting investment; US$200 million on the adoption of environmentally friendly practices; and US$150 million on training.
The ACF also wants to enable 50% of African farmers to implement climate-smart production processes to reduce their vulnerability to extreme weather events by 25%.
Formed in 1960, the IACO now has 25 coffee-producing member countries, including Angola, Republic of Congo, DRC, Kenya, Nigeria and Uganda.
