Côte d’Ivoire: African Development Bank approves €165 million in loans to accelerate industrial diversification and boost competitiveness and job creation

Meeting in Abidjan on 6 December 2023, the Board of Directors of 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 – a cofinancing 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 (DAICE) Programme created under Côte d’Ivoire’s National Development Plan 2021-2025.

The DAICE 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. DAICE 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 DAICE 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 (NDC) to address the impacts of climate change.