The World Bank in Côte d’Ivoire

Côte d’Ivoire, the world’s leading cocoa and cashew producer, is experiencing one of the fastest sustained economic growth rates in Sub-Saharan Africa in over a decade. With real GDP growth averaging 8.2% between 2012-2019, Côte d’Ivoire successfully contained the COVID-19 pandemic and maintained a 2% rate in 2020. In 2021, the country returned to its high-growth trajectory and continues to play a central role as a regional economic hub and host country for many nationals from the Economic Community of West African States (ECOWAS) and elsewhere.

Economic Overview

In 2023, Ivorian economic activity remained robust, helping to reduce poverty to some extent, although regional disparities widened. However, growth momentum slowed as global and regional political tensions persisted, and financial conditions tightened. Despite higher import prices, rising global and domestic interest rates, and falling external demand, economic growth remained solid at 6.9% in 2022 and 6.4% in 2023.

Growth was mainly driven by continued high levels of public investment, still higher than before the pandemic, and by the resilience of private investment. Domestic consumption slowed due to persistently high prices. The industrial and service sectors, albeit at a slower pace than in recent years, and a strong rebound in terms of trade also contributed to this economic performance over the year, despite a backdrop of rising energy and transport prices.

Overall, inflation eased somewhat from its decade-high level of 5.2% to 4.4%, driven by higher transport and energy prices. Nevertheless, the short- and medium-term economic outlook remains positive, albeit slightly below pre-Pandemic COVID-19 levels. This optimism is underpinned by a strong commitment to macroeconomic stability and ongoing structural reforms in line with the National Development Plan (NDP) 2021-2025.

Looking ahead, real GDP growth should average 6.5% in 2024-2026. Continued investment in network infrastructure, particularly in the digital and transport sectors, and the exploitation of recent oil discoveries, combined with prudent macroeconomic policies, should boost business confidence and productivity. Projects aimed at developing value chains can improve agricultural productivity and stimulate processing, supporting long-term growth prospects.

Political Context

The political landscape has remained peaceful and stable for nearly four consecutive years following the last presidential election in October 2025. Efforts towards national reconciliation recently received a boost with the release of 51 political prisoners, including former military commanders, who were jailed for their roles in the 2010-2011 post-electoral crisis. This move has been hailed by opposition parties as a positive stride towards the much-awaited national unity. All eyes are now on the next presidential election scheduled for October 2025.

On the security front, Cote d’Ivoire has effectively contained Jihadist incursions from armed groups conducting recurrent attacks on its Northern neighbors of Mali and Burkina Faso.

However, the country is facing a humanitarian challenge in its northern part, bordering Burkina Faso, due to the influx of refugees mainly fleeing jihadist violence in the neighboring country.

Last Updated: May 06, 2024

The government of Côte d’Ivoire has begun the implementation of its new National Development Plan (NDP 2021–2025). Through this NDP, which will mobilize CFAF 59,000 billion (about $100 billion), the government intends to accelerate the structural transformation of the economy and access by the population to such services as education, drinking water, electricity, health care, social protection, and employment.  It also intends to continue the development of the private sector, breathing new life into this sector to transform it into a real driver of the Ivorian economy.

To further support efforts to end poverty and promote shared prosperity in the country, in February the World Bank presented a new Country Partnership Framework (CPF) 2023–2027 with Côte d’Ivoire that focuses on improving human capital, reducing disparities and building resilience and creating private sector jobs. This engagement, which involved consultations with the private sector, the authorities, civil society and the other development partners, aims to support a more inclusive and sustainable economic and social transformation, as articulated in the government’s Vision 2030 and the 2021–2025 National Development Plan.

The New Partnership Framework with Côte d’Ivoire focuses on three priority areas:

1. Improve human capital to help Côte d’Ivoire achieve tangible results and strengthen the social contract between the State and citizens;
2. Reduce regional disparities and promote resilience through the construction of sustainable infrastructure and rational management of natural resources;
3. Promote private investment to create better jobs through the private sector.

This new CPF demonstrates the World Bank’s commitment to supporting the continued implementation of the reforms and programs that will bridge the human capital gap, strengthen natural resource management and the country’s capacity to cope with the effects of climate change, and encourage the competitive development of employment-generating agricultural and manufacturing sectors. The objective of this strategy is to reduce the number of poor and vulnerable persons, build the capacity of communities to respond to risks, including security risks, and strengthen the social contract between the State and the population.

This new CPF is also in line with the World Bank Group Strategy for Western and Central Africa and restores trust between citizens and the State in order to create a new social contract, remove bottlenecks that prevent businesses from creating more and better jobs, strengthen human capital and empower women so that all boys and girls can reach their full potential, and build climate resilience to help countries adapt to and mitigate climate shocks by strengthening the resilience of cities and rural areas.

Portfolio

The World Bank’s total current portfolio amounts to $5.8 billion distributed among 24 projects and programs under implementation. It is spread across all sectors, with the biggest investments in Education and Health (29%), Sustainable Development (28%) and Infrastructure (27%).

With the new CPF, the World Bank’s support aims to help the government provide access to electricity for 80% of households by 2026. It also seeks to increase tenfold the number of persons who have a land title or secure property ownership rights. Within the area of basic education, the aim is to increase the proportion of third year students who pass the reading proficiency test from 18.9% in 2020 to 43% in 2025.

International Finance Corporation (IFC)

In Côte d'Ivoire, IFC supports private sector players investing in strategic sectors of the national economy. IFC's new strategy, based on "IFC 3.0," approach is aligned with the Ivorian Government's vision as well as the National Development Plan (NDP) 2021-2025, which aims to make the private sector the driver of strong and inclusive growth. Over the past five years (2019-2024), IFC has invested $1.2 billion in key sectors of the Ivorian economy, including finance, energy, manufacturing, and agribusiness. By 2025, IFC plans to invest around $400 million in the before mentioned sectors.

Regarding access to finance, IFC offers a diversified range of financial products to meet the needs of financial institutions operating in Côte d'Ivoire. IFC can invest directly in capital, set up dedicated financing lines, or provide guarantee products. In addition to these investment products, IFC offers advisory services to enable financial institutions to better serve priority targets such as small and medium-sized enterprises, women entrepreneurs, and agricultural cooperatives.

IFC invests through loans or equity in local and foreign companies active in structuring and job-creating value chains such as horticulture and cotton. IFC has also forged partnerships with major players (Olam, Cargill, OCP, CIDT, etc.) in value chains such as cocoa, cotton, and cashew nuts, to co-develop specific programs aimed at strengthening the financing of weak links in these value chains, which are generally cooperatives or producer groups.

IFC is committed to supporting the development of Côte d'Ivoire's private sector, particularly SMEs, women-owned businesses, and national champions, and to promoting a better business climate to foster a more inclusive, diversified, and resilient economy.

Multilateral Investment Guarantee Agency (MIGA)

As of December 31, 2023, MIGA’s outstanding exposure in Cote d’Ivoire amounts to MUSD 458 spanning from hospitality projects (Kasada) to key energy projects (Azito). MIGA has also closed its first Trade Finance Guarantee (TFG) in Africa with investment bank RMB in August 2023 amounting to 100 million USD expected to be used to provide short term loans for trade related payments aimed at potentially supporting key sectors of the economy such as healthcare, infrastructure, and agriculture, among other sectors.  Historically, MIGA supported crucial projects like the Marlin gas exploitation platform (through Foxtrot) and was involved with major industrial players like Touton for its cocoa plantation and processing project.

MGA’s pipeline is promising especially in the MAS sector (incl. Raxio Data Center), Trade Finance and a Carbon project.

The pipeline profiles itself as follows:

• Digitalization/ digital infrastructures (Raxio Data Centers);
• Medicine manufacturing (Cooper Pharma);
• Hospitality (Kasada greenfield project);
• Trade Finance (additional tranche to the $95m TFG facility closed in August 23);
• Carbon Project, in line with the WB Carbon Credit roadmap (aDryada forestry restoration project, ESM scheduled in April).

Last Updated: May 06, 2024

Social Protection

The Productive Social Safety Nets Project, which aims to provide direct cash transfers to the poorest households, has made it possible to:

• support the start-up and scale-up of the largest productive cash transfer program in the West Africa region: 125,000 households have received quarterly cash transfers for three years and benefited from economic inclusion measures. All regions of the country are covered.
• train 50,000 poor households on techniques for developing income-generating activities;
• provide cash transfers to 47,435 women;
• establish the Single Social Register at the institutional level;
• survey more than 800,000 poor households whose socioeconomic data will serve as a starting point for the development of the Single Social Register.

Education

The Education Service Delivery Enhancement Project (PAPSE), also known as the “My Child Learns Better in School” project:

• enabled 63,398 children in CP1, CP2 and CE1 classes, including 31,887 girls, to improve their reading, writing and math skills;
• improved early childhood development by supporting 13,996 children, including 6,974 girls;
• encouraged the enrolment of 8,595 female students through the distribution of complementary school kits;
• strengthened the pedagogical capacities of 769 reading-writing teachers and 1,033 mathematics teachers. 

Access to Drinking Water

PREMU: Under the Urban Water Supply and Sanitation Project:

• 489,840 persons, 48.9% of whom are women, have access to improved water services in six urban centers from the north to the south of the country;
• About 10 water treatment plants and reservoirs were constructed;
• The project also enabled the laying of 214 km of water transmission and distribution pipes in all the targeted cities and identified 25,896 households requesting subsidized connections and reactivation;
• 7,511 meters were installed in vulnerable households;
• 981 jobs were created.

Last Updated: May 06, 2024

Since 2011, the World Bank has been working closely with the International Monetary Fund (IMF) and the European Union (EU) on the design and implementation of their support for Côte d’Ivoire. The World Bank also works with the Agence française de développement (AFD) in the areas of agriculture, transport, education, and youth employment. We also work in partnership with WHO, GIZ, UNICEF, KFW, and many other donors, to carry out investment programs in health, environmental protection, private sector development, etc.

Last Updated: May 06, 2024