Cote d’Ivoire - Third Investment for Growth Development Policy Financing - Chair Summary - December 5, 2024

Jul 19, 2026

Executive Directors approved Côte d’Ivoire’s Third Investment for Growth Development Policy Financing, including an IDA Credit of EUR 285.9 million and an IBRD Guarantee of EUR 500.0 million, under terms set in the Memorandum of the President. Directors highlighted the innovative Policy-Based Guarantee to support a first Debt for Development Swap, generating debt service savings and improving debt sustainability while expanding fiscal room for education outcomes. They also noted a first sovereign Sustainability-Linked Loan in sub-Saharan Africa tied to climate commitments, and urged continued reform delivery, monitoring, citizen engagement, private-sector collaboration, and Gender Strategy implementation.

LanguageEnglish

CategoryResearch & Report

FormatPDF

Pages1

Reading Time3 min

Executive Directors’ approval and financing terms

Policy-Based Guarantee and Debt for Development Swap

Sustainability-Linked Loan and climate commitments

Reform delivery, monitoring, and social inclusion priorities

Coordination and capacity development

Public Disclosure Authorized Public Disclosure Authorized Cote d'Ivoire-Third Investment for Growth Development Policy Financing Chair Summary* December 5, 2024 Executive Directors approved the Third Investment for Growth Development Policy Financing (DPF) in the amount of an IDA Credit of EUR 285.9 million (equivalent to US$310.6 million) and an IBRD Guarantee of EUR500.0 million (equivalent to US$543.4 million) on the terms and conditions set out in the Memorandum of the President. Directors commended Côte d’Ivoire for the good progress on the reforms and results supported by the DPF. They expressed support for the innovative use of the Policy-Based Guarantee (PBG) to enable the first Debt for Development (D4D) Swap of its kind supported under the new World Bank and IMF framework, which helps generate debt service savings, strengthens debt sustainability for Cote d’Ivoire, and allows the government to utilize the fiscal space to scale up the ambition of development outcomes in the education sector. Directors also appreciated that the PBG would enable the first sovereign Sustainability-Linked Loan (SLL) in sub-Saharan Africa, inline with Cote d’Ivoire’s climate commitments. Directors encouraged the authorities in Cote d’Ivoire to stay the course on the reform agenda, while delivering on the commitments to scale up education sector outcomes through the D4D Swap and develop ambitious climate-related key performance indicators (KPIs) through the SLL. Directors inquired about the lessons learned from implementation of PBGs and encouraged closer monitoring. They also asked about the conditions under which such D4D swaps could be replicatedin other countries. Given the nature of the reforms supported by the DPF, they called for efforts in enhancing citizen engagement for inclusive gains and collaboration with the private sector. They also stressed the importance of implementing the new Gender Strategy during implementation. Directors appreciated the pivotal role of the World Bank Group Guarantee Platform in facilitating this innovative operation and in coordinating guarantee solutions across the World Bank Group. Finally, they encouraged continued coordination across multi-sectors, stakeholders, and development partners, notably the IMF, in delivering complimentary capacity development programs. *This Summary is not an approved record.

FAQs

What financing did Executive Directors approve for the Third Investment for Growth Development Policy Financing?

They approved an IDA Credit of EUR 285.9 million and an IBRD Guarantee of EUR 500.0 million under the terms in the Memorandum of the President.

How does the Policy-Based Guarantee support the Debt for Development (D4D) Swap?

It enables the first D4D Swap of its kind, generating debt service savings, strengthening debt sustainability, and allowing the government to use fiscal space to scale education sector development outcomes.

What additional policy commitments and follow-up actions did Directors emphasize?

Directors encouraged scaling education outcomes via the D4D Swap, developing ambitious climate-related KPIs through the Sustainability-Linked Loan, monitoring lessons learned from PBG implementation, enhancing citizen engagement, collaborating with the private sector, and implementing the new Gender Strategy during implementation.

Jul 19, 2026

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