OPEC Fund extends €60 million Program-Based Loan for green transition in Côte d'Ivoire

October 23, 2024: The OPEC Fund for International Development (the OPEC Fund) is providing Côte d'Ivoire with a €60 million Program-Based Loan (PBL) to upgrade infrastructure and boost economic competitiveness in the country’s transport and energy sectors.

Phase I of the Economic Transformation and Inclusive Governance Program (PATEGI) aims to accelerate the green transition of the country’s transport and electrical energy sectors — by increasing resources while ensuring inclusive, sustainable management of public finances.

OPEC Fund President Abdulhamid Alkhalifa said: 

“Côte d'Ivoire has great potential for developing low-carbon and sustainable transport and energy sectors. The OPEC Fund is proud to support this program, which is highly relevant on many levels — not only nationally and regionally but also in terms of our global Climate Action Plan. This program fits well with our strategic priorities of building more equitable and climate-resilient economies.”

The PATEGI program contributes to various Sustainable Development Goals, including SDG 7 - Affordable and Clean Energy, SDG 8 - Decent Work and Economic Growth, and SDG 11 - Sustainable Cities and Communities.

The OPEC Fund has financed 27 projects in Côte d'Ivoire across a range of sectors including agriculture, banking and financial services, education, energy, government and civil society, transport and storage, water and sanitation.

About the OPEC Fund

The OPEC Fund for International Development (the OPEC Fund) is the only globally mandated development institution that provides financing from member countries to non-member countries exclusively. The organization works in cooperation with developing country partners and the international development community to stimulate economic growth and social progress in low- and middle-income countries around the world. The OPEC Fund was established in 1976 with a distinct purpose: to drive development, strengthen communities and empower people. Our work is people-centered, focusing on financing projects that meet essential needs, such as food, energy, infrastructure, employment (particularly relating to MSMEs), clean water and sanitation, healthcare and education. To date, the OPEC Fund has committed about US$27 billion to development projects in over 125 countries with an estimated total project cost of more than US$200 billion. The OPEC Fund is rated AA+/Outlook Stable by Fitch and AA+, Outlook Stable by S&P. Our vision is a world where sustainable development is a reality for all.