The Government of Côte d’Ivoire, represented by the Minister of Water and Forestry, Laurent Tchagba, has signed a landmark agreement with the Fadox-ALLCOT investor consortium for the rehabilitation of 86,000 hectares of forest in the country. This agreement marks a significant milestone in the country’s efforts to combat climate change and promote sustainable development.

The initiative, which took place on Tuesday, February 06, 2024, involves the Emirati company Fadox Group International and the Swiss company ALLCOT AG, who will work together in a first phase of implementation to carry out a feasibility study. The aim is to establish agroforestry plantations in the classified forests of Niellepouo and Suitoro, located in the north of Côte d’Ivoire, in order to generate carbon credits.

The agreement aims to restore and protect forests over a period of 40 years. In addition, both local communities and the State will benefit from royalties from the sale of carbon credits, ensuring sustainable economic benefits.

The Fadox-Allcot consortium is committed to working closely with the Government of Côte d’Ivoire to implement the Strategy for the Preservation, Rehabilitation and Extension of Côte d’Ivoire Forests (SPREF), as well as to develop a comprehensive framework to reduce carbon and greenhouse gas emissions.

Tommi Neuvonen, Vice President of ALLCOT expressed his excitement about this important step, saying: “We are delighted to accelerate African climate initiatives that create comprehensive impact through benefits not only for the climate and communities, but also foster economic growth in a fair and transparent manner.”

The consortium’s chairman, Cheick Bryan Fadika, highlighted the importance of the project in the fight against climate change and in meeting the targets set out in the Nationally Determined Contributions and the Paris Agreement.

For his part, Minister Laurent Tchagba reiterated the commitment of the State of Côte d’Ivoire to forest preservation and pledged his department’s full support for the success of the project.
Minister of Tourism and Recreation Siandou Fofana expressed his enthusiasm for the project as it will promote ecotourism and benefit both the environment and the local economy.

Fadox Group is a holding company specializing in the financing and management of development projects in Africa, while ALLCOT AG brings its expertise in carbon markets and project development.