WASHINGTON, 29 June 2018 – The World Bank approved today two projects of $598 million to improve urban management, logistics efficiency, port accessibility, and urban mobility in the Greater Abidjan Area and to enhance the financial performance of Côte d’Ivoire’s national electricity company (CI-Energies).
Greater Abidjan Port - City Integration Project received an International Development Association (IDA)* credit of $315 million to support Cote d’Ivoire’s ambition to become a regional and international trade and logistics hub, while addressing the issues generated by the massive population migration attracted to Abidjan.
The Abidjan Autonomous Port is the country’s major economic growth driver, accounting for 60 percent of the Ivorian GDP. However, the current Port operational inefficiencies are hindering its future growth and competitiveness potentially slowing down the country’s economic growth and development momentum.
“This project will help maintain the competitiveness of the Abidjan Autonomous Port as a regional gateway and promote a harmonious and equitable urbanization. It will allow better housing, jobs, and public services for the population living in the 19 municipalities within the greater Abidjan Area,” said Pierre Laporte, World Bank Country Director for Cote d’Ivoire.
CI-Energies Guarantee Project received an IDA loan guarantee of $283 million that will help introduce CI-Energies to local and international banking markets and will facilitate its initial access to commercial long-term lenders who could be potential future financiers of the country’s electricity sector investment program. The project will also benefit commercial lenders, independent power producers and gas suppliers once current arrears are cleared.
“The financial sustainability of CI-Energies is a necessary condition to crowd in the private capital required to unlock investments in the electricity sector and is essential for Côte d’Ivoire to realize its growth prospects and its ambition of achieving universal electricity access by 2030,” said Laporte.
Côte d’Ivoire’s existing electrical system is the third largest in West Africa, and it is positioned to be one of the main hubs of electricity trade within the West African Power Pool.
“This project is part of the broader engagement, which the World Bank brings to the energy sector in Cote d’Ivoire, which includes support for sector reforms, and investments in transmission, distribution and access. It further demonstrates our interest to support Cote d’Ivoire’s ambition to provide electricity at affordable prices to its population and its role as an energy exporter,” said Charles Cormier, World Bank Energy Practice Manager for West and Central Africa.
* The World Bank’s International Development Association (IDA), established in 1960, helps the world’s poorest countries by providing grants and low to zero-interest loans for projects and programs that boost economic growth, reduce poverty, and improve poor people’s lives. IDA is one of the largest sources of assistance for the world’s 75 poorest countries, 39 of which are in Africa. Resources from IDA bring positive change to the 1.5 billion people who live in IDA countries. Since 1960, IDA has supported development work in 113 countries. Annual commitments have averaged about $18 billion over the last three years, with about 54 percent going to Africa.