Ivory Coast is set to receive $26.1 billion worth of development finance from 4 lenders, the EU and France
On Wednesday June 15 2022, Ivorian leaders met with some investors, lenders and development partners in Abidjan as they sought to raise funds in support of Ivory Coast’s recently launched 5-year development plan.
According to Reuters, the meeting was a huge success, as the investors and partners pledged up to $26.1 billion.
Specifically, the World Bank pledged the highest amount of $8.7 billion, followed by the European Union with €6 billion and the African Development Bank (AfDB) with $4.3 billion. Others are France with €4 billion, the Islamic Development Bank with $2 billion and the West Africa Development Bank with €1 billion.
While commenting on the positive response to the fundraise, Ivorian Prime Minister Patrick Achi said he was overwhelmed, adding that the country cannot wait for the pledges to be honoured.
“The success we’ve seen is beyond what we expected. We had expected $15 billion in pledges, we have received $26.1 billion in total,” the Prime Minister said.
Business Insider Africa understands that Ivory Coast’s 5-year development plan was launched in 2021 and will run through to 2025. It is estimated to cost about $94.74 billion, 26% of which would be accounted for by public finance, with the remaining 74% taken care of by the private sector.
The funds would be invested towards guaranteeing long-term growth in the West African country through a number of social and economic transformations. In specific terms, the funds would be invested towards the following:
- Fostering security
- Job creation
- Improving the quality of life of Ivorians
- Transforming the country into an attractive investment destination
- Building a more efficient and effective public administration
- And human capital development
For the Ivorian Government, this is the time for concrete sustainable development. The country is hoping to set an example that can be emulated by others in the region.
