Côte d’Ivoire secures US$309.3M EU-EIB funding for climate action, cocoa sustainability, and reforestation

IVORY COAST – The Government of Côte d’Ivoire, the European Union (EU), and the European Investment Bank (EIB) have announced a €300 million (US$309.27M) financing package to support climate action, sustainable cocoa production, and reforestation initiatives in Côte d’Ivoire.  

This collaboration aligns with Team Europe’s Global Gateway strategy, aimed at fostering sustainable development in partner countries. 

Of the total funding, €150 million (US$154.6M) will support Côte d’Ivoire’s forest preservation, restoration, and expansion strategy under the Abidjan Legacy Program, an initiative launched by President Alassane Ouattara.  

The program focuses on combating deforestation, land degradation, and promoting agroforestry. It aims to restore over 7 million acres of forest—representing nearly 20 percent of the nation’s surface area—by 2030.  

The EIB financing, backed by the EU, provides critical support to this ambitious national reforestation and regeneration plan. 

In addition, €50 million (US$51.4M) from the EIB will bolster Côte d’Ivoire’s equity in the African Trade & Investment Development Insurance (ATIDI).  

This move underscores the country’s commitment to fostering sustainable trade and investment by adhering to stringent environmental and labour standards.  

The equity injection, facilitated by an EU guarantee, is a key element of the Global Gateway strategy, which seeks to enhance global supply chains. 

Furthermore, a €100 million (US$103.1M) financial partnership between the EIB and Côte d’Ivoire’s national investment bank, BNI, will target economic and environmental sustainability within the cocoa sector.  

The partnership aims to boost youth employment, promote gender equality, and support businesses adopting sustainable practices. This initiative also addresses pressing challenges such as child labour and deforestation, aligning with EU environmental and social standards. 

EIB Vice-President Ambroise Fayolle highlighted the importance of this collaboration, stating, “As a key partner in the EU Global Gateway initiative, our work in Africa is done through financing and expertise in priority areas like climate action, innovation, renewable energy, water, and agriculture. Through EIB Global, we aim to strengthen partnerships at all levels.” 

More than 90 percent of the funding will support cocoa sector businesses, helping meet the growing global demand for sustainable cocoa while adhering to both EU standards and national legislation. 

The Global Gateway strategy, launched in 2021, aims to mobilize €300 billion (US$309.2B) in investments by 2027 to support sustainable development globally, prioritizing areas such as digital, energy, transport, health, education, and research systems. 

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