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Côte d’Ivoire secures $31 mln donation and $34 mln in debt relief from China

Wednesday, 26 June 2019 13:48
Côte d’Ivoire secures $31 mln donation and $34 mln in debt relief from China

(Ecofin Agency) - Côte d’Ivoire reached a deal with China to write-off a XOF20 billion (about $34.6 million) debt and, at the same time, received XOF18 billion (about $31.2 million) in donation from the Middle Kingdom.
The paper was signed June 24 on the sidelines of a meeting that aims to evaluate progress in actions decided during the Beijing Summit under the Forum on China-Africa Cooperation (Focac), held in September 2018.
This is proof that both parties are willing to further their relations. Chinese investment in Côte d’Ivoire is to date estimated at more than $6 billion and covers 14 development projects. In November last year, the Ivorian government announced it has set up a committee to follow-up Chinese portfolio in the country.
According to Ivorian authorities, this committee is expected to “supervise, coordinate and monitor the portfolio of projects financed or co-financed by the People's Republic of China, in order to improve and increase the absorption rate of available financing.”
Zeinab Dosso (stg)

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