Ivory Coast gets World Bank debt relief grant

The World Bank announced a USD308 million grant to enable Ivory Coast or Cote d’Ivoire to settle its arrears with the institution. It further earmarked USD35 million in budget support. ?The clearance of IBRD and IDA arrears constitutes a landmark in our collaboration with the government of Cote d’Ivoire, opening the way not only for the bank to resume funding support for medium- and long-term economic development and reconstruction efforts, but also for other donors to contribute towards the government’s goal of stabilizing and re-building this very important country that was a regional leader in Africa before the conflict,” said World Bank Vice-President for Africa Obiageli Ezekwesili. “The full re-engagement of the bank, as well as the increased support anticipated from other development partners, should help set Cote d’Ivoire solidly on the road back to economic recovery, reconstruction and stabilization,” World Bank Country Manager Bernard Harborne added. (Press Release: USD308 Million Grant to Cote d’Ivoire Clears Arrears to the World Bank Group and Triggers Strong Re-engagement/World Bank)

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