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Overview

Africa Growing Together Fund provides €45 million loan to Côte d’Ivoire for DAICE Programme in 2023

Commitments (Constant USD, 2023)$48,657,088
Commitment Year•2023Country of Activity•Cote d'IvoireDirect Recipient Country of Incorporation•Cote d'IvoireSector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Dec 6, 2023
Start (actual)
Jul 12, 2023

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% host country ownership

Funding agencies

Government Agencies

  • People's Bank of China (PBC)

Cofinancing agencies

Intergovernmental Organizations

  • African Development Bank (AfDB) (ADB) (BAD)

Receiving agencies

Government Agencies

  • Government of Côte d'Ivoire (Ivory Coast)

Implementing agencies

Government Agencies

  • Cote d’Ivoire Ministry of Commerce, Industry and promotion of PMEs

Intergovernmental Organizations

  • Africa Growing Together Fund (AGTF)
  • African Development Bank (AfDB) (ADB) (BAD)

Loan description

Africa Growing Together Fund provides €45 million loan to Côte d’Ivoire for DAICE Programme in 2023

Interest type•Variable Interest RateLoan tenor•6-month rate

Narrative

Full Description

Project narrative

On May 22, 2014, the African Development Bank (AfDB) and the People's Bank of China (PBOC) signed an agreement for the Africa Growing Together Fund (AGTF) (see Umbrella Record ID#36104). The purpose of this $2 billion loan facility was to finance large development projects in Africa between 2014 and 2024. The AGTF is sponsored by the PBOC and the administered by AfDB. Then, on December 6, 2023, the African Development Bank approved two loans to Côte d’Ivoire: one of €120 million and a second, of €45 million, from the Africa Growing Together Fund, captured in this record. The loan terms include a tenor of up to 25 years, grace period of up to 8, and commitment fee of.25%. The loan is intended to go towards Côte d’Ivoire's Diversification, Industrial Acceleration, Competitiveness and Employment (DAICE) Programme. This program aims to support reforms and investments in the public assets needed to develop the private sector, to reduce risk the financing of small and medium enterprises and start-ups, promote transition in the industrial sector, support the competitiveness of enterprises and their exports, and create jobs. The DAICE programme is part of Côte d’Ivoire’s National Development Plan 2021-2025.