AfDB Backs Côte d’Ivoire’s First Local-Currency Social Bond to Expand Electricity Access
The African Development Bank Group has approved and invested up to XOF 15 billion (EUR 22.9 million) in Phase II of Côte d’Ivoire’s Programme Électricité Pour Tous (PEPT), marking its first subscription to a local-currency social bond in the WAEMU region.
The financing package includes EUR 16 million from the Bank and EUR 6.9 million from the Sustainable Energy Fund for Africa (SEFA). Approved on 15 October 2025, the investment will support 400,000 new electricity connections between 2025 and 2026, benefiting an estimated 2.2 million people, 35% of whom live in rural areas.
PEPT is a flagship initiative under Mission 300, the Bank’s programme to provide electricity access to 300 million Africans by 2030.
Kevin Kariuki, the Bank’s Vice President for Power, Energy, Climate and Green Growth, said the social bond structure demonstrated the institution’s commitment to “creative financing solutions to achieve universal energy access”, adding that the programme makes electricity connections affordable for low-income households while stimulating economic transformation.
Launched in 2014, the PEPT scheme reduces connection fees for eligible households and small businesses from XOF 150,000 to XOF 1,000, with the remaining balance repaid over two to ten years via electricity bills.
The XOF 60 billion social bond is divided into three tranches with maturities of seven, ten and fifteen years. It is managed by Africa Link Capital Titrisation, with Africa Link Capital Structuration acting as arranger.
On 17 October, the African Development Bank, the Emerging Africa & Asia Infrastructure Fund (EAAIF), backed by an IFC guarantee, and Norfund each anchored a share of the bond.
Ahmed Attout, Director of the Bank’s Financial Sector Development Department, described the transaction as a major milestone for the BRVM market. “It marks an important step in deepening the use of green, social and sustainability instruments, fostering a sustained flow of sustainable financing across the continent,” he said.
Wale Shonibare, Director of Energy Financial Solutions, Policy and Regulation, said the initiative exemplified the innovation required to achieve universal access. “By connecting over 400,000 households, we are showing how market-based financing can accelerate electrification at the scale needed to reach 300 million people,” he added.
