African Development Bank Grants EUR 30.5 Million Loan to Boost Côte d’Ivoire’s Economic Growth
On December 18, 2024, the African Development Bank (AfDB) approved a EUR 30.5 million loan to support Côte d’Ivoire’s economic growth by enhancing financial governance and boosting economic competitiveness.
The loan is aimed at implementing the first phase of the Economic Governance and Growth Support Programme, which focuses on strengthening financial governance, improving tax revenue mobilization, and supporting sustainable development.
Joseph Ribeiro, the AfDB’s Deputy Director General for West Africa, emphasized that the programme aims to transform Côte d’Ivoire’s economy by fostering inclusive governance of public finances and reducing carbon emissions in the transport and energy sectors.
Key initiatives include the adoption of a Medium-Term Revenue Mobilization Strategy, improving tax collection through electronic billing, and better managing the country’s debt with a national debt policy and debt management strategy.
In the transport sector, the programme will focus on enhancing road network management and empowering local authorities for better road maintenance. The energy sector will also benefit from improved governance, with initiatives such as energy audits in the public sector and legislation to support the country’s energy transition, including the Bioenergy Code.
This loan is part of the African Development Bank’s broader commitment to supporting sustainable development in Côte d’Ivoire. As of October 31, 2024, the AfDB’s active portfolio in the country includes 39 operations with total commitments of USD 3.05 billion.
