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Côte d’Ivoire secures $600mln German climate financing

Wednesday, 22 November 2023 04:34
Côte d’Ivoire secures $600mln German climate financing

(Ecofin Agency) - After facing limitations in bilateral development cooperation with Germany due to its socio-political situation between 2002 and 2011, Côte d’Ivoire now enjoys a partnership aimed at promoting reforms as part of the G20's "Compact with Africa" initiative, launched in 2017.

The Ivorian presidency issued a statement on November 19 saying Côte d’Ivoire will sign a new financing partnership of €550 million ($600 million) with Germany on Tuesday, November 21.

The funding to be provided will mark the beginning of a new project, the "Partnership for Climate and Development," which aims to make €550 million available to the African nation over an undisclosed period. The statement indicates that at least €100 million will be unlocked this year.

This commitment was made during a meeting between German Chancellor Olaf Scholz (pictured, right) and Ivorian Head of State Alassane Ouattara (pictured, left), just after the latter arrived in Germany for the 4th edition of the G20's "Compact with Africa" Conference, which opens on November 20 in Berlin.

During this promising exchange, discussions covered security, financing African economies, and mobilizing private investments for Africa. The statement also notes that "the partners also welcomed their convergence of views on current global challenges in terms of security, combating climate change, and developing renewable energies."

It is worth noting that due to the political instability in the country, the Federal Ministry for Economic Cooperation and Development limited bilateral development cooperation with Côte d’Ivoire between 2002 and 2011.

Only after significant political and economic progress initiated since 2011, along with the state's commitment to legislative, administrative, and macroeconomic reforms, as well as private sector engagement, was the West African country integrated as one of the very first beneficiaries of the "Partnership to encourage reforms" under the G20 "Compact with Africa" initiative launched in 2017.

The new "Partnership for Climate and Development" will be the start of a series of others that may follow during the two days of exchange within the G20's "Compact with Africa."

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ECOFIN AGENCY offers a selection of articles translated from AGENCE ECOFIN. Founded in 2011, Agence Ecofin is a leader in Francophone Pan-African economic news, particularly in West and Central Africa. The agency publishes daily news on nine African economic sectors: Public Management, Finance, ICT, Agribusiness, Energy, Mining, Transport & Logistics, Communication, and Training.

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