Côte d'Ivoire Secures €50 Million Investment for Low-Carbon Transition and Sustainable Cocoa Production
The Republic of Côte d'Ivoire announced securing a €50 million investment to increase its presence in the African Trade & Investment Development Insurance, courtesy of funding by the European Investment Bank and supported by the guarantee of the EU. Under the EU Global Gateway Strategy, it promotes the development of Africa's trade, investment, and economic resilience.
This loan supports Côte d'Ivoire's priorities, driving a low-carbon transition and sustainable cocoa production as a national priority. The loan aligns with the commitment of Côte d'Ivoire towards a green and resilient economy that promotes its overarching development objectives.
EIB Provides €25 Million Funding to Resato Hydrogen Technology for Expansion and Innovation
Supporting the Global Gateway Strategy
This loan supports the EU's Global Gateway Strategy, driving investments in climate, energy, transport, and digital infrastructure through collaboration. The strategy enables the countries in Africa to build an inclusive growth and job-creating economic transformation.
The investment will go to supporting two major initiatives that fall within the development strategy in Côte d'Ivoire. The Low Carbon Transition initiative would spur climate-friendly investments, meaning the development plan of 2021-2025 by Côte d'Ivoire has better chances of succeeding when it comes to local and international climate action. Sustainable Cocoa promotes the cocoa industry of Côte d'Ivoire to be resistant and competitive, not only with global markets, but also respectful to the ecosystem. The aggregation of the initiatives brought would fortify Côte d'Ivoire's standing regarding the green economy and strategic industries.
Focus on Climate Action and Risk Mitigation
Côte d’Ivoire, the EIB, and ATIDI are partnering to develop innovative risk mitigation solutions. The EIB has committed to its climate action goals by allocating at least 75% of the loan to climate-focused initiatives. This funding unlocks €550 million in insurance and guarantees, supporting Côte d’Ivoire and boosting economic growth across Africa.
EIB Vice-President Ambroise Fayolle, said, “As the climate bank, the European Investment Bank is very pleased to finance the African Trade and Investment Development Insurance, which supports the concrete actions of States, particularly those of Côte d’Ivoire.”
He added, "We are very happy to sign this new partnership with the Ivorian government to support its low-carbon transition and its sustainable cocoa value chain. In promoting innovative solutions for risk mitigation, we contribute to strengthening our support for businesses and concrete projects on key sectors for Côte d’Ivoire.”
ATIDI’s Commitment to Unlocking Africa’s Potential
The EIB and ATIDI have long partnered, with the EIB previously aiding membership for countries like Benin, Chad, and Senegal. The EIB has invested €145 million in ATIDI memberships, reinforcing its commitment to development and investment in Africa.
This €50 million investment loan is Côte d'Ivoire’s second major sovereign operation in 2024. In November, the country secured €150 million from the EIB for its sustainable forest restoration program to tackle deforestation.
