The Ivory Coast has secured €300 million from the European Union and the European Investment Bank (EIB) to bolster reforestation and cocoa production for sustainable development.
The funding includes €150 million allocated to the Abidjan Legacy Program which aims to restore over 7 million acres of forest by 2030, reducing deforestation and land degradation in the west African country.
The Ivorian National Investment Bank (BNI) has been allocated €100 million to support businesses in the cocoa production sector, with a focus on creating youth employment, advancing gender equality and advancing sustainable cocoa farming.
The Ivory Coast will also use €50 million to increase its stake in insurance company the African Trade & Investment Development Insurance, derisking and enhancing funding for its cocoa and green energy production projects.
EIB Vice-President Ambroise Fayolle said the funding will help drive innovation and enable the Ivory Coast to pursue economic development priorities.
