AfDB Group Supports Côte d'Ivoire, Extends 77 Billion CFA for Reconstruction

4 June 2011
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African Development Bank (Abidjan)
press release

Côte d'Ivoire has received significant financial support from the African Development Bank (AfDB). The country will benefit from a 77 billion CFA program (equivalent to 150 million dollars from Africa's premier development institution, allowing it to better restore basic social and administrative services.

The Board of Executive Directors of the African Development Bank Group has approved these resources. The financing program is designed to provide a rapid response to Côte d'Ivoire's pressing social needs, which will help promote social cohesion and national reconciliation.

This financing is made up primarily of grants from two organs of the African Development Bank Group, notably the Fragile States Facility and the African Development Fund. With these resources, the Bank aims to help relieve the pressure on Côte d'Ivoire's budget for social spending caused by the post-election crisis, which led to thousands of deaths and caused massive displacements of people.

The AfDB funding will allow the government to bring back into operation 50 percent of basic health facilities and 50 percent of schools and welfare centres. It will also allow access to safe water and sanitation for 80 per cent of the population. The funding will also help with operations of Côte d'Ivoire's Commission for Dialogue, Truth and Reconciliation.

Meeting with President Alassane Dramane Ouattara in Yamoussoukro on the sidelines of President Ouattara's recent inauguration, AfDB President Donald Kaberuka emphasised the Bank's support and belief in the future of Côte d'Ivoire. "The African Development Bank is committed to support economic recovery in Côte d'Ivoire, the same country that is also the institution's headquarters," he said.

The approval of this important financing in such an extremely short time underscores the will and the commitment of the African Development Bank to contribute to the reconstruction of Côte d'Ivoire. "We have great expectations of the African Development Bank, particularly its vast expertise," noted the Ivorian President to Mr. Kaberuka during their recent meeting in Yamoussoukro.

Read the original article on African Development Bank (AfDB).

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