Ivory Coast has successfully raised €433 million ($507 million) through Africa’s first sustainability-linked foreign currency loan, backed by guarantees from the World Bank. The landmark deal highlights the country’s growing focus on sustainable finance as it works to strengthen resilience against climate shocks and diversify its funding sources. Earlier in July, Ivory Coast had also issued a $337 million ESG-certified Japanese samurai bond, marking steady progress in tapping sustainable financing instruments.
The structure of the loan enabled Ivory Coast to attract strong interest from international investors and secure favorable financial terms, according to Rothschild and Co, which advised the government. The World Bank played a crucial role through its International Bank for Reconstruction and Development (IBRD), which provided a first-loss guarantee, and its Multilateral Investment Guarantee Agency (MIGA), which offered a second-loss guarantee.
MIGA’s executive vice president, Hiroshi Matano, said the initiative helps Ivory Coast obtain financing under better conditions while accelerating climate commitments and building resilience in key sectors. The loan is tied to sustainability performance targets in renewable energy, reforestation, and preventing deforestation, ensuring that the funding contributes directly to environmental goals.
Standard Chartered acted as the sole lender and lead arranger of the deal. This achievement follows the World Bank’s announcement in December of its support for Ivory Coast through a debt-for-education swap, another first-of-its-kind initiative from the lender, underscoring the country’s growing partnership with global financial institutions to advance sustainable development.
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