EIB supports transformative forestry project in Côte d’Ivoire

At the United Nations Climate Change conference COP29, the European Investment Bank (EIB) has announced €150 million support for the country’s forest preservation, rehabilitation and expansion strategy. This strategy is in line with Côte d’Ivoire President Alassane Ouattara’s Abidjan Legacy programme, the first part of which is to combat deforestation and land degradation, support forest restoration and promote agroforestry.

The project aims at protecting, rehabilitating and expanding forests in Côte d'Ivoire through the financing of selected capital-intensive structural investments and soft-asset investments of a comprehensive national reforestation and forest rehabilitation programme.

Vice-President Ambroise Fayolle said: “I would like to express my satisfaction with the excellent relationship between Côte d’Ivoire and our teams at the EIB. We are ready to continue to build strong strategic partnerships and support Côte d’Ivoire’s path to a sustainable future. The project we are announcing today will protect and expand forests and will have an important impact both in terms of lowering emissions, as we know these forests are our carbon sinks, and in supporting the livelihoods of local communities who depend on the forests.”

At COP29, Vice-President Fayolle was joined by the Minister of Water and Forests of Côte d'Ivoire Mr Laurent Tchagba for the announcement.

The EIB has invested over €59 billion in 52 African countries, supporting infrastructure projects, innovative firms, renewable energy developments, and public and private sector companies from micro-enterprises to the biggest multinationals. The EIB is a key element in the European Union’s toolbox, and it has been helping to strengthen the partnership between the two continents for decades.

EIB Global, the branch of the European Investment Bank created in 2022, specializes in development financing and works to promote climate action, innovative investments, sustainable lifestyles and new ways of help people where living conditions are the most difficult. EIB Global brings the Bank closer to people, businesses and institutions. This sector demonstrates that development loans and financial partnerships accelerate growth, make rural areas more prosperous and cities more innovative, and strengthen economies for a better future.