Funders announced 15,4 billion Dollars for Ivory Coast

Funders announced 15,4 billion Dollars for Ivory Coast

18/05/2016 source “Jeune Afrique”

Met in Paris with lenders to finance the National Development Plan of the Ivory Coast, the Ivorian Prime Minister received almost the double of the amount requested. This result owes much to the progress made by the country since the crisis of 2011.

As four years ago, a delegation from Ivory Coast is in Paris on 17 and 18 May, to find funding to allow continue its National Development Plan (NDP), which began in 2012. With the support of the Organization for Economic Cooperation and Development (OECD), the second part of the NDP for 2016-2020 is estimated at 30,000 billion CFA francs, about 46 billion Euros, with funding expected rates of 62% to the private sector and 38% to the public sector. While the first day was dedicated to the financiers, the second will be dedicated to the exchange with the private sector.

Five objectives were assigned to the second part of the economic program sought by President Ouattara to take the country to emerge in 2020: strengthening institutions and governance, human capital development, industrialization, development of infrastructure and regional integration and international cooperation.

Commitments beyond the announcements

The first speeches gave an opportunity to representatives of Côte d’Ivoire to recall the progress made since the end of the crisis to justify their ambitions. “The country has found peace and safety as demonstrated with the proper conduct of the presidential election in October 2015. Since 2012, we have experienced a GDP growth rate of 9% on average. The country’s debt ratio is under control (41,3% of GDP) and inflation is at 2,2%. The reforms carried out on contracted business puts us in the top 10 of the countries that made more reforms, according to the Doing Business report of the World Bank”, summed up Daniel Kablan Duncan.

The Ivorian Prime Minister also said that the commitments of funders during the first PND component had actually exceeded initial announcements. About 4.760 billion CFA Francs promised by funders in 2012-2015 (against 4.337 billion announced at the conference of December 2012), 89% had been disbursed by the end of 2015.

To achieve the new phase of its national development program, the Ivorian government tried at this first day, to get 4.425 billion CFA Francs (6.75 billion euros) to complement its own resources and carry out the planed public investment. The announcements made by funders have once again exceeded the expectations, as the funds promised by the institutional partners of the country totalize 15,4 billion Dollars (13,6 billion Euros). Of this amount promised, have been delivered 2,7 billion Dollars, according to the Ivorian authorities.

The group of the World Bank announced in particular a global commitment (including the financing of its subsidiaries) of 5 billion Dollars, while the African Development Bank and the Islamic Development Bank have formalized they respective contributions of 2 billion Dollars and 1,8 billion Dollars, respectively.