Ivory Coast Gets $50 Millon World Bank Poverty, Business Climate Funding

Ivory Coast Gets $50 Millon World Bank Poverty, Business Climate Funding

Improvements made to position Côte d’Ivoire’s government as more transparent — and their business climate as sunny — the World Bank’s International Development Association has approved a $50 million credit, Newstime Africa reported.

By 2020, the country hopes to join the ranks of other emerging markets with the backing of newly created jobs, reduced poverty figures and private sector expansion. Under the World Bank’s allocation, the three phases of the Poverty Reduction Support Credit (PRSC) series will be funded.

“Despite recent periods of instability, Côte d’Ivoire still possesses considerable endowments of human capital, natural resources, and infrastructure,” Madani M. Tall, Côte d’Ivoire’s World Bank Country Director said in the report.

“We welcome the opportunity to support the Government’s plans to implement today’s programs, which will boost household incomes and food security, and help improve livelihoods of the country’s poorest people,” he said.

According to Newstime Africa, Budget accountability and government and public official transparency is the focus of the initial PRSC phase. Improved investment confidence through a positive business climate will be worked out the second phase while commodity industry growth and increased economic opportunities will be handled in phase three.

“The new framework for the agricultural sectors should have a direct positive impact on the household incomes of many poor farmers, especially cocoa farmers who account for about 28 percent of poor Ivoirians,”  World Bank task team project leader Volker Treichel added. “I look forward to supporting the Government as it implements this important policy program.”

Côte d’Ivoire has already put into effect new policies that will be better enforced with the push of the PRSC series. Reforms including an Anti-Corruption Law, the trade dispute administering Commercial Court and energy subsidies for the poor are to tie in with PRSC’s initiatives.

“Improving the performance and productivity of Cote d’Ivoire’s government, business and agricultural sectors are vital for broad-based growth, more jobs, investment, and substantially less poverty,” said Marcelo Giugale, World Bank director of economic policy and poverty.  “The PRSC series supports a balanced reform program designed to uplift Cote d’Ivoire’s economy and improve overall governance for its institutions.”