IDB continues to support African countries by signing a US$170.6 million financing agreement with Ivory Coast - IFN

IDB continues to support African countries by signing a US$170.6 million financing agreement with Ivory Coast

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GLOBAL: The IDB has recently contracted a two-part financing agreement worth US$170.6 million with the Republic of Ivory Coast to fund major development projects in the country. The deal was signed between Birima Boubacar Sidibe, the IDB’s vice president for operations and Mme Nialé Kaba, Ivory Coast’s Minister of Economy. Under the treaty, US$162 million will be used for the construction of roads along the north-west region of the country, in efforts to enhance the economic and social development in that particular area whose main industries are mining and agriculture. The roads are also expected to promote regional integration between the republic and neighbouring landlocked countries such as Burkina Faso, Mali, Niger and Guinea. The second part of the agreement allocates the remaining US$8.6 million to the reconstruction of a vocational training school in Odienne. The IDB has continuously demonstrated support for African governments through its participation in numerous development projects. Speaking to a Gulf daily, a representative from the IDB highlighted that the financial institution is currently focusing on African countries to establish Islamic banking and financial institutions as well as to develop its capital markets.