Finance

Côte d’Ivoire: Government seeks Bank’s support for $5.8 bln tourism plan

Côte d’Ivoire: Government seeks Bank’s support for $5.8 bln tourism plan
Thursday, 02 May 2019 18:52

Ivorian Minister of Tourism Siandou Fofana on 25 April 2019 presented a strategy document aimed at making Côte d’Ivoire Africa’s fifth biggest tourism destination from 2025 to the African Development Bank, and sought its support to implement the plan.

The document entitled "Sublime Côte d’Ivoire", was presented to the Bank’s Vice-President responsible for Private sector, Infrastructure and Industrialization, Pierre Guislain, at the headquarters in Abidjan.

"We have come to share this new vision for Côte d’Ivoire with the Bank and to secure your help and financial support. We need your help to pool resources to carry this project out," Minister Fofana said, adding that the strategy will rest on nine new flagship projects and would require a $5.8‑billion investment.

"One of these is the ‘Abidjan Business City’, which will be a central point for holding conventions in Côte d’Ivoire. We do not currently have a conference centre and we do not have a hall with the capacity to accommodate 5,000 people. There is, therefore, a need to move quickly in that regard,” he said.

We will also have a ‘beautiful beach for all’, with a 550-km coastline that has yet to be exploited. In addition, we will build a 100-hectare leisure park to be a place of entertainment for the sub-region, and develop press trips and seven flagship tourist areas," Fofana added.

Projects envisaged under the strategy include strengthening of the tourism code, establishing additional tourist attractions with a land reserve of 6,000 hectares, the creation of a bank of tourism-sector projects and redesigning of a tourism ‘one-stop shop’. The government also plans to strengthen security and health care, develop the aviation sector and increase airport passenger flow to three million, and train and certify 230,000 sector professionals.

"All this will drive employment and our intention is to create 375,000 new jobs. From 2025, we plan to welcome four to five million tourists, (there were 3.08 million in 2016 and 3.47 million in 2017), to make this sector the fourth economic pillar of the country and to make Côte d’Ivoire the fifth biggest tourism power on the continent and the joint leader in African business tourism," said Fofana.

Bank Vice-President Guislain commended Côte d'Ivoire’s "progress” in the tourism sector, saying it was essential for investors.

He briefed the delegation on the Bank's financing instruments for the public and private sectors, highlighting the existence of private investment funds and the Bank's priority focus on supporting bankable projects for partners with sufficient financial capacity.

"We are glad to have been visited by you and to have learnt about your strategy. This is important. Business tourism needs to be consolidated and your ambitions are good. The African Development Bank has a strong partnership with Côte d'Ivoire, the host country of our headquarters. The Bank finances many infrastructure projects (energy and roads) that are essential to the development of tourism. We also financed the expansion of Air Côte d'Ivoire, whose development is essential for tourism to flourish in the country," Guislain said.

24968 in Agency agrf jennifer blanke agrf afdb

On the same topic
Fitch says debt restructuring could come before any new IMF program Public debt near 91% of GDP keeps pressure on finances LNG project fuels...
Central bank aims to limit cash dollar transactions and promote digital payments Policy targets informal dollar flows and seeks removal from FATF...
Oman launches a bank in Luanda to finance Africa–Middle East trade Focus on large firms and strategic sectors like energy and logistics Move...
The European Union committed €559 million ($660 million) to support Ethiopia’s economic transformation. Funding targets energy...
Most Read
01

(EBID) - EBID aims to allocate nearly 41% of its commitments to projects with environmental and...

EBID makes giant strides for a green transition in west africa
02

Mahindra & Mahindra is considering a CKD assembly plant near Durban to strengthen its presence i...

Mahindra & Mahindra Eyes Major Shift to Full Vehicle Assembly in South Africa
03

Four major operators—Mauritel, Mattel, Rimatel, and Chinguitel—submitted a combined bid of ...

Mauritanian Telecom Operators Submit $27 Million Combined Bid for 5G Licenses
04

AFC disbursed €43 million for Côte d’Ivoire solar project Financing supports 66 MW pla...

AFC Backs First Green Project Finance Bond for 66MW Côte d’Ivoire Solar Plant
05

Operators review 2025 investments, outline 2026 expansion plans Consumer complaints persist...

Cameroon Presses Telecom Operators on Service Quality as Complaints Rise
Enter your email to receive our newsletter

Ecofin Agency provides daily coverage of nine key African economic sectors: public management, finance, telecoms, agribusiness, mining, energy, transport, communication, and education.
It also designs and manages specialized media, both online and print, for African institutions and publishers.

SALES & ADVERTISING

regie@agenceecofin.com 
Tél: +41 22 301 96 11 
Mob: +41 78 699 13 72


EDITORIAL
redaction@agenceecofin.com

More information
Team
Publisher

ECOFIN AGENCY

Mediamania Sarl
Rue du Léman, 6
1201 Geneva
Switzerland

 

Ecofin Agency is a sector-focused economic news agency, founded in December 2010. Its web platform was launched in June 2011. ©Mediamania.

 
 

Please publish modules in offcanvas position.