NEWS

To boost access to electricity for low-income households and small businesses in Côte d’Ivoire, IFC announced its support for a bond issuance that will help finance up to 600,000 new electricity connections, benefiting nearly 2.8 million people in the country, an almost 10 percent increase in national electricity access.

IFC’s guarantees, totaling up to XOF15.8 billion (US$28.3 million equivalent), will support the participation of Société Ivoirienne de Banque (SIB) and the Emerging Africa and Asia Infrastructure Fund (EAAIF) as anchor investors in the bond, issued by a securitization vehicle to support the financing of the Electricity for All Program (PEPT).

IFC’s catalytic role—covering 30 percent of the total issuance—helped enhance the risk profile of the structure and bolster investor confidence. Joining IFC, the African Development Bank (AfDB), and Norfund, the Norwegian investment fund for developing countries, are participating with nearly US$80 million in equivalent funding, complemented by a diverse pool of local institutional investors.

PEPT is a government-led program facilitating access to electricity for underserved populations in Côte d’Ivoire.

The issuance, structured in three tranches with tenors of 7, 10, and 15 years, is managed by Africa Link Capital Titrisation. Proceeds from the bond are expected to total up to XOF60 billion (US$107.2 million equivalent).

The transaction builds on the success of the first PEPT social bond issuance supported by IFC and further deepens local capital markets in the West African Economic and Monetary Union (WAEMU).