Abidjan, September 1, 2016 - IFC Executive
Vice President and CEO Philippe Le Houérou, meeting with Ivorian officials
and businesses during a three-day visit this week, discussed opportunities
to increase IFC’s engagement in the country and visited an IFC-sponsored
investment, the Azito thermal power plant.
Despite global headwinds, Côte d’Ivoire is one of the fastest growing
Sub Saharan African economies in 2016. In the last four years, the country
has also improved its ranking in Doing Business, jumping 35 ranks to 142,
as well as being listed among the top 10 global reformers two years in
Over the past four years, IFC has invested $1 billion in Côte d’Ivoire,
half of which came from its own account. IFC and its partners notably invested
in the Azito III and CIPREL IV power plants. These projects increased grid
capacity by a total of 370 Megawatts. Today IFC and its partners finance
now almost 50 percent of the energy produced in Côte d’Ivoire.
In staple and cash crops and agribusiness, IFC plans to support capacity
building in local processing and attract new investors into the sector.
IFC will also support financial inclusion as well as the development of
capital markets and SMEs. In addition, the World Bank Group will continue
to support business environment reforms, notably to facilitate the establishment
of Special Economic Zones.
During his visit, M. Le Houérou signed a Memorandum of Understanding for
the second phase of the Côte d’Ivoire Investment Climate Program. The
first phase of the program supported nine reforms, the enactment of 26
laws and the streamlining or suppression of 31 procedures. Thanks to these
reforms, propriety transfers were multiplied by seven, business registrations
by two, and issuance of construction permits by six. This generated $12
million in cost saving for private sector. The second phase of the program
will focus on inspections, licensing, as well as investment promotion and
access to credit.
H.E. Daniel Kablan Duncan, Prime Minister of Côte d’Ivoire, said “With
40 percent of the West African Economic and Monetary Union’s GDP, Côte
d’Ivoire is the region’s locomotive. Our country is implementing deep
structural and sectoral reforms to strengthen its economy, notably by empowering
private sector to be the engine of its growth. Côte d’Ivoire is determined
to accelerate regional integration through reforms with a community focus”.
“Côte d’Ivoire is a priority in our engagement in Sub Saharan Africa,”
Le Houérou said. “Our partnership with the country and its government
is strong and growing. IFC intends to deepen its financial and advisory
services in Côte d’Ivoire, bringing a range of financial and policy solutions
to address the challenges of infrastructure, urbanization, access to information
technology, and climate change.”
During the Côte d’Ivoire Consultative Group held in May 2016 in Paris,
the World Bank Group pledged $5 billion for the National Development 2016-2020
of which IFC’s contribution was $1.7 billion.
IFC, a member of the World Bank Group, is the largest global development
institution focused on the private sector in emerging markets. Working
with 2,000 businesses worldwide, we use our six decades of experience to
create opportunity where it’s needed most. In FY16, our long-term investments
in developing countries rose to nearly $19 billion, leveraging our capital,
expertise and influence to help the private sector end extreme poverty
and boost shared prosperity. For more information, visit www.ifc.org.