The African Development Bank (AfDB) has approved two loans to Côte d'Ivoire: one of €120 million and a second of €45 million from the Africa Growing Together Fund – a co-financing fund created by the bank and the People's Bank of China.
The funding is intended for implementation of the Diversification, Industrial Acceleration, Competitiveness and Employment (DIACE) Programme created under Côte d'Ivoire's National Development Plan 2021-2025.
The programme aims to strengthen the Government's efforts towards economic diversification, green transition and industrial development. More specifically, it is intended to support reforms and investments in the public assets needed to develop the private sector and to de-risk the financing of SMEs and innovative start-ups. DIACE will also develop new sectors, promote the green transition in the industrial sector, support the competitiveness of enterprises and their exports, and create jobs.
The programme is structured around three components: strengthening the competitiveness of the priority business sectors (clusters) of the National Development Plan; improving access to finance for SMEs; and supporting diversification and the promotion of private investment. Its activities will help to strengthen the competitiveness of clusters, boost businesses' access to finance, increase industrial investment and create jobs.
The DIACE Programme is aligned with the bank's Country Strategy Paper 2023-2028 for Côte d'Ivoire and the country's Vision 2030. It is also aligned with the National Development Plan 2021-2025 which integrates the energy transition and low-carbon development commitments contained in the country's Nationally Determined Contribution to address the impacts of climate change.
The Ivorian economy is dependent on climate-sensitive sectors such as agriculture, fisheries and the coastal economy. Climate change is endangering the country’s vital economic interests and jeopardising jobs and livelihoods.
