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Standard Chartered, a leading international bank specialising in cross-border finance, has arranged €533 million of financing, with the support of the African Development Bank (AfDB), for the Ministry of Finance and Budget of the Republic of Côte d’Ivoire. 

This financing initiative will provide funds for sustainable projects as part of the Republic’s National Development Plan for 2021–2025. It aims to boost Côte d’Ivoire’s economic and social progress in line with the country’s own Sustainable Framework, which has been evaluated and endorsed through a Second Party Opinion.

The financing will be channelled into projects that promote sustainable development and encompass a variety of social and environmental initiatives. These include enhancing education and health infrastructure, developing renewable energy sources, improving wastewater management, and implementing measures for pollution prevention and control.

Standard Chartered has taken a multi-faceted role in this transaction, serving as the sole Global Coordinator, Structuring Bank, Sustainability Coordinator, Bookrunner, Mandated Lead Arranger, and Underwriter. 

The financing comes in the form of a Partial Credit Guarantee loan with a substantial 15-year tenure and advantageous borrowing costs. These terms have been carefully crafted to align with Côte d’Ivoire’s preferred financing conditions, ensuring access to cost-effective funding. 

This transaction marks a crucial move towards bolstering the country’s ability to attract long-term, competitive financing for projects focused on environmental, social, and governance (ESG) criteria.

Sujithav Sarangi, Executive Director, Structured Export Finance at Standard Chartered, said, “Standard Chartered is pleased to have played a leading role in successfully delivering the first African Development Bank guaranteed sustainable loan to finance social and environmental projects for the Republic of Côte d’Ivoire. As a leading financial institution, we promote sustainable finance in our markets and look to replicate this type of financing, in partnership with AfDB, for other sovereigns in the African region.”