[Ivory Coast] AFD and the EU finance Ivorian companies’ green projects
08-02-2021 13:50:23 | by: Pascaline Icyizere | hits: 5075 | Tags:

An agreement has just been signed between the French Development Agency (AFD), the European Union (EU) and the General Confederation of Businesses in Ivory Coast (CGECI). The three partners are offering technical assistance for renewable energy and energy efficiency projects for Ivorian companies with a budget of 1.64 million euros.

French Development Agency (AFD) plans to support Ivorian companies in their projects to acquire renewable energy and energy efficiency systems. The bank will participate in financing their green projects through the Sunref program. AFD’s green financing label aims to work with (local) banks for green growth in low-income countries.

In the framework of this project AFD has signed a financing agreement for over one billion CFA francs (1.67 million euros) with the European Union and the General Confederation of Businesses in Ivory Coast (CGECI). The funds are earmarked for technical assistance for the green projects of Ivorian companies. “The technical assistance program, financed by the European Union, aims to support private investment promoters and carry out awareness-raising and training actions for the various potential investor groups and the rest of the Ivorian ecosystem”, indicates AFD.

Within the framework of its Sunref program, the French financial institution will work with local banks, particularly Société Générale Ivory Coast (SGCI) and the New Inter-African Insurance Company (NSIA). According to AFD, the program will meet the green financing needs of Ivorian companies. Indeed, “CGECI member companies and Ivorian companies in general have a real need for support to make their energy transition a success. This is why the Ivorian employers have chosen to engage in the implementation of energy efficiency and renewable energy projects for the benefit of the private sector,” explains Jean-Marie Ackah, president of the CGECI.

AFD’s program has also been offered to Namibian companies via a mechanism set up with the Namibian subsidiary of Nedbank. This is a green line of credit that enables the financing of renewable energy projects for Namibian companies, energy efficiency, agro-ecology and sustainable tourism.