The African Development Bank Group and the Ivorian Government launched a major project aimed at diversifying the country's economy on October 18 in Abidjan. The Support to Industrial Sector Competitiveness Enhancement Project (PARCSI) will help increase the contribution of the industrial sector to GDP from 22% in 2014 to 40% in 2019.

Launched by the Industry and Mining Minister Jean-Claude Brou and AfDB's Acting Vice-President for sector Operations, Kapil Kapoor, PARCSI aims to stimulate industrial competitiveness. It will help Ivorian businesses to adapt to market liberalization under the free-trade agreements and increase their contribution to the creation of wealth and jobs.

"The project will contribute to a more competitive Ivorian industry and will diversify the economy's growth sources," said Kapoor. In doing so, the project will address four of AfDB's five operational priorities - the High 5s - namely: Feed Africa, Industrialize Africa, Integrate Africa and Improve the quality of life for the people of Africa.

Jean-Claude Brou praised the innovative dimension of the project, which "seals the fruitful collaboration between the AfDB and the Republic of Côte d'Ivoire," he said. "The Ivorian Government will do its utmost for the project to achieve its objectives," he added.

The ceremony also included a full-day training session for beneficiaries and the project management team on the procedures and rules of procurement, disbursement and financial management of projects funded by the AfDB.

Representatives of Chambers of Commerce, private sector, public administration and project beneficiaries attended the ceremony.

The project is being funded with a grant of €13 million (8.23 billion CFA francs) from the African Development Fund, the concessional loan window of the Bank, with Government support of about €2 million (1.22 billion CFA francs).