AfDB allocates Côte d’Ivoire €400 million in partial credit guarantee for international funds mobilization

The African Development Bank, AfDB, rubber-stamped Tuesday a €400 million partial credit guarantee for Côte d’Ivoire, to support the mobilization on international financial markets for strategic environmental, social and governance (ESG) projects.
“The partial credit guarantee will enable Côte d’Ivoire to raise long-term financing from commercial banks, in line with its ESG Framework. Côte d’Ivoire has developed an ESG Framework Document that sets out the Government’s commitment to environmental and social development, and strengthens governance, including for project selection, fund management, evaluation and monitoring”, the Abidjan-based institution said in a statement.
Per the statement, the fund will support projects across a range of sectors, including sustainable agriculture and agro-industry, water and sanitation, renewable energy, health, affordable housing, education and vocational training, financial inclusion and entrepreneurship. Financing will also drive jobs creation for youth and women in rural areas of the country.
The West African country wants to use the ESG loans to finance its Medium-Term Debt Management Strategy, which aims to innovate and diversify sources of financing for strategic projects that have a high social and environmental impact.