AfDB loans Côte d’Ivoire €165m to finance key programs of country’s National Development Plan 2021-2025

The African Development Bank (AfDB) announced Monday the approval by its board of directors of two loans valued at €165 million earmarked for the implementation of the Diversification, Industrial Acceleration, Competitiveness and Employment (DAICE) Program, an important aspect of the country’s National Development Plan 2021-2025.

The first loan is worth €120 million and the second valued at €45 million is coming from the Africa Growing Together Fund – a cofinancing fund created by the Bank and the People’s Bank of China, the Abidjan-based lender notes.

The DAICE Program the bank argues aims to strengthen the Government’s efforts towards economic diversification, green transition and industrial development.

“More specifically, it is intended to support reforms and investments in the public assets needed to develop the private sector and to de-risk the financing of SMEs and innovative start-ups. DAICE will also develop new sectors, promote the green transition in the industrial sector, support the competitiveness of enterprises and their exports, and create jobs,” AfDB said in a statement.

“The program is structured around three components: strengthening the competitiveness of the priority business sectors (clusters) of the National Development Plan; improving access to finance for SMEs; and supporting diversification and the promotion of private investment. Its activities will help to strengthen the competitiveness of clusters, boost businesses’ access to finance, increase industrial investment and create jobs.”

In addition, the DAICE Program is aligned with the Bank’s Country Strategy Paper 2023-2028 for Côte d’Ivoire and the country’s Vision 2030.