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Viewing cable 06ABIDJAN1134, COTE D'IVOIRE: USITC STUDY ON SUB-SAHARAN AFRICA

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Reference ID Created Released Classification Origin
06ABIDJAN1134 2006-10-06 18:26 2011-08-24 16:30 UNCLASSIFIED Embassy Abidjan
VZCZCXRO2783
RR RUEHMA RUEHPA
DE RUEHAB #1134/01 2791826
ZNR UUUUU ZZH
R 061826Z OCT 06
FM AMEMBASSY ABIDJAN
TO RUEHC/SECSTATE WASHDC 2020
INFO RUEHZK/ECOWAS COLLECTIVE
UNCLAS SECTION 01 OF 02 ABIDJAN 001134 
 
SIPDIS 
 
SIPDIS 
 
PLEASE PASS TO USITC (LSCHLITT, BGEHRKE) 
 
E.O. 12958: N/A 
TAGS: ETRD IV
SUBJECT: COTE D'IVOIRE: USITC STUDY ON SUB-SAHARAN AFRICA 
 
REF: A. A. ABIDJAN 1069 B. SECSTATE 146622 
 
     B. ABIDJAN 1114 
 
1.  Per reftel B instructions, post has compiled information 
on the below industries.  Please refer to Ref C for 
information on the Stock Market Exchange with regard to the 
request for information on financial services.  Included in 
this cable is information on the banking sector. 
 
2.  Banking:  Cote d'Ivoire's banking system developed during 
the colonial period as an extension of the French financial 
and banking systems.  In its capacity as a central bank and 
monetary authority, the Central Bank of West African States 
(BCEAO) oversees and regulates banks and financial 
establishments conducting activities in the eight member 
States of the West African Economic and Monetary Union 
(WAEMU).  WAEMU supervises banks and non-bank financial 
establishments through inspections and off-site analysis to 
ensure compliance with regulations.  Monetary policy is 
conducted regionally by the BCEAO.  It has the sole right of 
currency issue and its primary objectives are to maintain 
parity between the CFA franc and the euro and to control 
inflation in the zone.  The BCEAO is pledged to guarantee 
price stability and pegs region's common currency to the euro 
through a special arrangement with the French Treasury in 
which France provides balance of payments support in times of 
temporary deficits while the BCEAO is required to deposit at 
least 65% of its foreign assets in its operations account in 
the French Treasury and limit its loans to member states' 
state treasuries to 20% of their respective tax revenues. 
 
-- Cote d,Ivoire has the largest bank network in the region. 
 Banking activity is centered around the largest six banks, 
which account for more than 75% of total assets:  Societe 
Generale des Banques en Cote d,Ivoire (SGBCI), an affiliate 
of the French group, Societe Generale; Banque Nationale de 
l,Investissement; Banque Internationale pour le Commerce et 
l,Industrie (BICICI), owned by Banque Nationale de Paris 
(BNP); Banque Internationale Pour l,Afrique Occidentale 
(BIAO), which is a subsidiary of Belgian Belgolaise; Ecobank; 
and Societe Ivoirienne de Banque (SIB), owned by the French 
group Credit Lyonnais.  Ivorian credit institutions account 
for 31.3 per cent of all WAEMU bank balances, a share 
somewhat lower than that of the Ivorian GDP in the regional 
economy (37 percent). 
 
-- Prior to the outbreak of the 2002 political crisis, the 
development prospects for the microfinance sector were 
significant.  For example in 2000, the country counted 16 
microfinance institutions, offering a total of 287 points of 
service (for about 331 000 customers), compared with 154 bank 
branches. 
 
-- The political crisis has disrupted banking operations, 
causing the reduction of about 10 percent of overall 
activity.  The crisis has hurt the banking sector through 
business closures, sale and job losses, all of which resulted 
in client insolvency and an increase in non-performing loans. 
 Due to these increased risks, banks concentrate resources on 
the financing of short-term loans and business operations and 
are reluctant to finance long-term loans and investments. 
 
-- The Bourse des Valeurs Mobilieres Regionales (BVRM), 
located in Abidjan, offers firms throughout the WAEMU region 
access to capital outside of traditional bank financing..  It 
suffered from the 2002 crisis due to the prevalence of 
Ivorian companies on its books, but has begun to expand 
listings and capitalization as well as see its index rise in 
recent years. 
 
-- According to sources within the industry, the large banks 
and new players such as the Bank of Africa, are expanding, 
making access to banking services more readily available to 
the public.  However, the low rate of access to the banking 
sector in the country remains a major problem.  The banking 
system includes 17 credit institutions (against 22 in 2003), 
16 of which are banks (ten in 2003) and 2 financial 
institutions (five in 2003). 
 
3.  Cashews:   Cashew production in Cote d'Ivoire has risen 
in recent years due in large measure to the investments and 
management of OLAM, a Singapore-based commodities firm which 
is the largest trader of cashews in the world and the largest 
processor of cashews in Africa.  OLAM is working closely with 
USAID and Kraft, the largest marketer of processed cashews in 
the world.  Cote d'Ivoire produced 135,000 metric tons in 
2005, up from 115,925 metric tons in 2004, and from 2003 to 
2005, cashew production has increased by 37%.  The cashew 
industry has a lot of potential for growth, but occupies a 
very small piece of the overall commodities pie in Cote 
d'Ivoire given the less than one percent GDP it occupies. 
 
ABIDJAN 00001134  002 OF 002 
 
 
 
4.  Coconuts, prepared and preserved fish, wood veneer 
panels:   Despite sending inquiries to government and 
industry officials, post received no information regarding 
these industries outside what is publicly available on the 
Internet.  Food and Agricultural Organization (FAO) 
statistics for the coconut sector indicate that Cote d'Ivoire 
increased production from 2915 metric tons in 2003 to 11,613 
metric tons in 2004, despite unit values falling from USD 743 
per metric ton to USD 340.  Cote d'Ivoire produced 323,000 
cubic metres of wood-based panels in 2004, according to the 
FAO.. 
Valle