World Bank Group partners with Cote d’Ivoire to upgrade economy, level disparities

The World Bank Group endorsed a Country Partnership Framework (CPF), a lending program of up to US$1 billion and a International Finance Corporation (IFC) financing of up to US$1 billion, for Côte d’Ivoire on Sept. 29. 

After 10 years of crisis, the Cote d’Ivoire is finally enjoying years of stability, prompting the World Bank Board to extend the CPF in order to modernize the economy and efface the disparities that were created from years of struggle.

Ousmane Diagana, World Bank country director for Cote d’Ivoire, Burkina Faso, Togo, Benin and Guinea, said about the partnership, “This CPF brings innovation through a combination of well targeted instruments, technical assistance and knowledge to help the country become an emerging economy while tackling causes and residual consequences of fragility."

In order to qualify for the CPF, a country must have five principle prerequisites, including continued social and political stability,  macroeconomic stability and debt sustainability, land market reform, financial sector development and inclusiveness and improved governance.

The World Bank Group already has 14 projects with Cote d'Ivoire and had previously attempted to extend the CPF program to the West African nation four times.